MassDevelopment loan aids new MBI incubator in Worcester

By Michelle Lang

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The Massachusetts Biomedical Initiatives (MBI) has landed a $680,000 loan from MassDevelopment that will help refurbish and equip lab space in one of its new incubators in Worcester. The new incubator will support four life sciences companies in a space previously vacant for three years at 55-57 Union Street.

MBI provides incubator space to life sciences-focused startups. Currently, the nonprofit organization has 23 companies, with 100 people employed in companies hosted by MBI-linked incubators. The organization has a fourth incubator in the works, also supported by MassDevelopment, at Worcester’s Gateway Park.

MassDevelopment, the finance and development agency of Massachusetts, works to stimulate economic growth with the state’s businesses, organizations, communities and nonprofits.

MBI President and CEO Kevin O’Sullivan has been named a 2011 Mass High Tech All-Star.

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