Tuesday, December 16, 2008

Mass. Life Sciences Center taps J&J as matching fund partner

By Mass High Tech staff

The Massachusetts Life Sciences Center reports that it has named Johnson & Johnson as the charter member of its new Corporate Consortium Program, which will provide matching funds for MLSC’s investment activities. Charged with implementing the commonwealth’s $1 billion life sciences initiative, MLSC programs include the Life Sciences Accelerator Program.

Under the terms of the two-year agreement, the Johnson & Johnson Corporate Office of Science and Technology (COSAT) will provide $500,000 in funding that will be matched by MLSC, establishing a pool of $1 million for research projects and early-stage life sciences companies. Johnson & Johnson — and any future consortium members — will hold non-voting seats on the MLSC’s Scientific Advisory Board Investment Sub-committee.

MLSC, which just yesterday announced its plans to site its official headquarters in Waltham, says it will add additional members to the Consortium, bringing in more private source of capital to match its own funds.

The new MLSC home will be the Bay Colony Corporate Center, an office campus located along Route 128 in Waltham. The address is 1000 Winter Street, and the MLSC will be located in a four-story building in the campus’ center. The group will, however, also maintain a “small workspace” in Boston.

According to MLSC, its flagship fund is the Life Sciences Accelerator, which will invest in companies at “critical stages of their development cycle” to help spur economic development, create new jobs and produce new therapies.