The Massachusetts Life Sciences Center, a quasi-public agency tasked with implementing the state's ten-year, $1 billion Life Sciences Initiative, today announced the awarding of $2.2 million in loans to three early-stage life sciences companies. The Center's Accelerator Program provides loans of up to $750,000 to early-stage companies engaged in life sciences research and development, commercialization and manufacturing. The Center's Board of Directors approved the fourth round of Accelerator loans today.

The Accelerator Program, the Center's flagship investment program for companies, supports and "de-risks" early-stage companies by providing loans that will match other sources of capital. By leveraging other sources of capital, the Accelerator Program provides support to companies at the most critical stages of their development cycle, enabling them to conduct vital research and proof-of-concept studies and attract subsequent investment while improving the odds of bringing cutting edge innovation to the marketplace.

The three companies that were authorized today to receive loans (pending due diligence by Center staff) through the Accelerator Program are:

Intelligent Bio-Systems, Inc. - $750,000 (Waltham) - A DNA sequencing company with a patented, higher performance, lower cost next generation DNA sequencing instrument and consumable system. The core technology is fully developed, large scale instrument prototypes are functional, and the Company is getting ready to launch a smaller, lower cost highly flexible version of the system. They are currently focused on completing small scale prototypes and moving into beta testing in customer labs.

Allurion Technologies, Inc. - $750,000 (Wellesley) - Developing a novel medical device called Allurion designed to induce significant weight loss by displacing volume in the stomach. Leveraging super-porous hydrogel technology enables the device to be delivered without surgery and it can be eliminated via an orally available, non-toxic dissolution agent. Due to the ease of application and removal, the product will target patients across the obesity spectrum. The company is currently focused on testing to pave the way for a first-in-man trial.

Paragonix Technologies, Inc. - $710,000 (Cambridge) - Commercializing first-in-class, single- use and highly portable Organ Preservation and Transport Devices called 'Sherpas.' The strongly protected IP relies on elasto-mechanical properties of the organ compartment in combination with control elements to harness the energy stored in compressed oxygen. Paragonix has begun with a Sherpa for kidney transport, but is planning to expand their 'Sherpa' product line for other organs. They are currently focused on completing product development and regulatory submission.

The Massachusetts Life Sciences Center (MLSC) is a quasi-public agency of the Commonwealth of Massachusetts, created by the Massachusetts legislature in June 2006.

The MLSC was established to promote the life sciences within the Commonwealth of Massachusetts. It is tasked with investing in life sciences research and economic development. This work includes making financial investments in public and private institutions growing life sciences research, development and commercialization as well as building ties between sectors of the Massachusetts life sciences community.