ECI Biotech Awarded 2011 Massachusetts Life Sciences Center Accelerator Loan
Published: Mar 24, 2011
“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 grow.”
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.