WORCESTER, MA —March 24, 2011 — ECI Biotech (ECI), an innovative
developer and manufacturer of the patented ExpressDetect® rapid infection sensors that will
ultimately transform the way pathogens are detected in professional and OTC markets, has been
selected as a 2011 Accelerator Program Awardee from the Massachusetts Life Sciences Center, a
quasi-public agency tasked with implementing the State’s $1 billion Life Sciences Initiative.
The Accelerator Program coupled with its Corporate Consortium matching funds from Johnson &
Johnson (NYSE: JNJ) and Sanofi-Aventis (NYSE: SNY), is the Massachusetts Life Sciences
Center’s flagship investment program for companies. The program supports and further “de-risks”
early-stage companies by providing loans that will match equity and grants and investments from
the federal government, foundations, non-profit agencies, institutional investors, and other sources
“ECI Biotech is both elated and grateful to have been awarded the Massachusetts Life Sciences
Center 2011 Accelerator Program loan,” said Dr. Mitchell Sanders, CEO and Founder of ECI
Biotech. “ECI will continue on the path to commercialization of our ExpressDetect® technologies. The Massachusetts Life Sciences Center Accelerator Program Award will enable ECI to build production facilities and hire staff so we can manufacture the diagnostic sensors in Worcester, MA that will be launched in the US and Europe. This Award is a great complement to our corporate funding, MA Workforce Training Express Grant Award, NIH-CAP, SBANE
Innovation Award, and financing from MassDevelopment.”
ECI was one of 5 companies selected from a pool of 42 applications and went through a
comprehensive online application, a double-blind, rigorous peer review, followed by an evaluation
by the Massachusetts Life Sciences Center Scientific Advisory Board (SAB) consisting of leading
academics, investors and corporate executives; and further screening by the Massachusetts Life
Sciences Center’s Investment Sub-committee of the Board of Directors, including a live
presentation by Finalists. Final awards were determined by the Massachusetts Life Sciences
Center Board of Directors.
“Our administration continues to foster business development in Worcester and all regions of the
Commonwealth,” said Lieutenant Governor Timothy Murray. “With these loans awarded by the
Massachusetts Life Sciences Center, we are providing early stage life sciences companies, like
ECI Biotech, with resources to support their vision and product development as they create jobs,
advance science and technology, and grow the industry here in Massachusetts.”
By leveraging ECI’s total private and public financing of approximately $21.3M, the Accelerator
Program provides support to ECI during a critical stage of its development cycle. It will enable
ECI to achieve milestones on its research agreements with corporate partners, attract subsequent
investments for manufacturing, capital equipment and human resource investments, collectively assisting ECI through a worldwide regulatory process and bringing to the marketplace its cutting edge innovative, patented, ExpressDetect® sensors.
“We are pleased to add ECI Biotech to the Center’s investment portfolio, and to be expanding our
investments in the City of Worcester,” said Massachusetts Life Sciences Center President and
CEO, Dr. Susan Windham-Bannister. “The Accelerator loans reflect our commitment to help fill
the gap in working capital that is available to early-stage companies. In this tight global economy,
Massachusetts enjoys a reputation as a state where there still is active investing in early stage
companies and this makes us a highly attractive place for exciting young companies to locate and
About ECI Biotech
Founded in 1998, ECI Biotech is a developer of affordable diagnostic sensors trademarked as
ExpressDetect®. ECI has developed technology targeted at prognosing chronic and acute wound
infections that include a dressing sensor and a rapid point of care diagnostic. ECI has corporate
partnerships in the areas of wound care, oral care, orthopedics, surgical and infection control. If
you’re interested in partnering with ECI, visit www.ecibiotech.com.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (“the Center”) is a quasi-public agency of the Commonwealth of Massachusetts tasked with implementing the Massachusetts Life Sciences Act, a ten-year, $1 billion initiative that was signed
into law in June of 2008. The Center’s mission is to create jobs in the life sciences and support
vital scientific research that will improve the human condition. This work includes making
financial investments in public and private institutions that are advancing life sciences research,
development and commercialization as well as building ties between sectors of the Massachusetts
life sciences community. For more information, visit www.masslifesciences.com.
About the Life Sciences Accelerator
In order to expand life sciences-related employment opportunities, promote health-related
innovations and stimulate research and development, manufacturing and commercialization in the
life sciences, the Life Sciences Accelerator Program provides loans to companies engaged in life
sciences research and development, commercialization and manufacturing in Massachusetts.
Target entities are generally early-stage life sciences companies with a high-potential for
technology commercialization, rapid growth, and downstream private equity financing. The
program is designed to help sustain these companies through a critical stage of development and to
leverage additional sources of capital to bring cutting edge innovation to the marketplace.
Accordingly, the Program places special priority on providing matching funds for equity, grants or
awards from a variety of sources.