The program will offer up to $300,000 in seed funding to those selected
PEORIA, Arizona (May 18, 2012)
BioAccel announced at the AZBio Expo on May 17th a Call For Applications to identify companies that can advance medical device development and populate Bioinspire located in Peoria at 13660 N. 94th Drive in Plaza Del Rio. The Bioinspire incubator facility, a product of a partnership between the City of Peoria, BioAccel and The Plaza Companies, is focused on accelerated device development that can impact health and health care delivery.
Those companies and entrepreneurs selected will be eligible for free or reduced lab and office space, a centralized FDA quality control system, technical and business assistance, as well as access to a comprehensive medical device development network.
“We want to build on our significant health care footprint” said Scott Whyte, director, economic development services, city of Peoria. Nearly 19% of the jobs available in the city are in health care. Whyte added “The new facility provides a unique focus, including resources for medical device development that will hopefully attract attention across the US and bring the best technologies to Arizona.”
Bioinspire is managed by BioAccel, a Phoenix–based non-profit that works to accelerate the commercialization of life-science technologies. BioAccel partnered with the City of Peoria to leverage its assets to provide Bioinspire with a sound foundation, comprehensive infrastructure and significant experience needed to launch the new enterprise and to drive positive economic impact and job creation. BioAccel’s commercialization programs are embedded in Bioinspire’s operations, which provide for ongoing deal flow and new company formation. Dr. Ronald King, BioAccel’s chief science and business officer, and overseeing the Call for Applications stated “Our focus on medical devices is a first for Arizona. But more than that, the Bioinspire model provides the necessary, and significant resources including space, start-up funding and hands-on business and technical mentoring and support, which are essential to developing successful and early stage start-up companies.”
This initiative will provide a minimum of $1.2MM in investment funding, up to $300,000 per finalist, to potential candidates interested in being located at the Bioinspire facility in Peoria, Arizona. With this funding BioAccel will increase the overall Arizona venture support by 100% and increase support to medical devices by almost 500% from 2010 funding levels, outlined in a report entitled Venture Capital and Entrepreneurship in AZ, by the National Venture Capital Association. MaryAnn Guerra, BioAccel chief executive stated, “This level of investment is a game changer for Arizona and Bioinspire will be at the forefront of leading the state’s efforts in advancing the growth of the medical device industry in Arizona, an area that receives the second largest level of venture capital support in the state.”
Interested applicants can go to www.bioaccel.org to view instructions and start their application.
SOURCE: BioAccel
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