Arizona's Bioinspire Incubator to Offer Funding to Medical Device Companies
Thanks to a partnership between the City of Peoria, BioAccel, and The Plaza Companies, the Bioinspire incubator facility will offer selected companies and entrepreneurs free or reduced lab and office space, a centralized FDA quality control system, technical and business assistance, and access to a comprehensive medical device development network. BioAccel announced the program at the AZBio Expo on May 17th and issued a call for applications. Bioinspire is located in Peoria at 13660 N. 94th Drive in Plaza Del Rio.
“We want to build on our significant health care footprint,” said Scott Whyte, director, economic development services, city of Peoria, in a press release. “The new facility provides a unique focus, including resources for medical device development that will hopefully attract attention across the United States and bring the best technologies to Arizona.” Nearly 19% of the jobs available in the city are in health care.
BioAccel 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. Dr. Ronald King, BioAccel’s chief science and business officer, and overseeing the call for applications, stated in the release: “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 Ventu report entitled Venture Capital and Entrepreneurship in AZ, by the National Venture Capital Association.
Interested applicants can go to www.bioaccel.org to view instructions and start their application.