The Massachusetts Life Sciences Center (MLSC) has launched the Massachusetts Ramp-Up Program (MassRamp), a new program that will provide grant funding to promising early-stage life sciences companies.
The program will provide supplemental grant funding, on a competitive basis, to companies that have been awarded Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) Phase 1 grants or contracts from federal agencies.
MassRamp aims to bridge the funding gaps associated with the long life sciences R&D cycle, and the high cost of translating research into commercially viable products. Up to $3-million in funding is available for the inaugural round of the program.
MLSC will provide grants of up to $300,000 to help early-stage companies cover the costs of direct labor, clinical trials, consultants and subcontractors, materials, supplies and equipment.
The award is designed to support activities not covered by a federal grant, provide additional resources to complement an approved federal project, or expand the scope of a federal grant, provided that the MassRamp proposal is based on the same technology approved in the federal award.
“Our young, dynamic companies are a wellspring of innovation that represent future IPOs and serve as a magnet for larger companies seeking strategic partnerships and acquisitions,” Travis McCready, president and CEO of MLSC, said in a statement.
“MLSC designed MassRamp to help sustain companies with early validation of technologies through what can be a tumultuous stage of research and development,” he added. “Our awards will help them leverage additional sources of capital to bring cutting edge innovation to the marketplace.”