Earlier this month we reported on a brand new biotech/medical device startup incubator opening up in Peoria Arizona. BioInspire, a partnership between the city of Peoria, BioAccel and Plaza companies, is looking to fill the incubator with early stage companies in the biotech/medical device field.
BioAccel announced at the AZBiz Expo last Thursday, a call for applications to identify companies that can advance medical device development and popular BioInspire. Tenants will get office space, access to labs, mentorships and up to $300,000 in seed funding.
“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.
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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.”
The BioInspire incubator will provide a minimum of $1.2M in investment funding, up to $300,000 per finalist selected to develop their device/company at the incubator. This investment marks a 100% increase in Arizona venture support and a 500% increase in support for medical devices. That’s up from 2010 levels according to a release.
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.”
To apply for BioInspire follow this link
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