Nanotechnology Now - Press Release: "North Shore Technology Council Launches North Shore Life Sciences Accelerator"

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Abstract:
Council Establishes New Non-Profit Corporation

North Shore Technology Council Launches North Shore Life Sciences Accelerator

Beverly, MA | Posted on July 14th, 2008

The North Shore Technology Council (NSTC) announces the founding and incorporation of the North Shore Life Sciences Accelerator Inc., a new non-profit corporation resulting from the NSTC's mission to foster the region's technology clusters that are key to its economic vitality.

The North Shore Life Sciences Accelerator, to be based at Beverly's Cummings Center, will nurture select early-stage biotech or medical device firms with strong technologies and business plans, graduating companies with promising technologies. The concept of a life sciences incubator on the North Shore spawned from the active NSTC Biomedical Section.

"Expansion of the life sciences cluster on the North Shore would be an economic boon," explained NSTC president Tom Cheatham. "The accelerator will help fill a well-documented funding gap for early-stage life sciences companies, graduating freestanding companies that would call the North Shore home and help stimulate the area economy."

The North Shore Life Sciences Accelerator is led by a group of life sciences veterans, investors, and academics, many of whom sit on the NSTC board of directors or are active in the council. Harry McCoy, NSTC board member and CEO of Thorne Diagnostics Inc., in Beverly, is chairman of the accelerator. Martha Farmer, a biomedical ethics fellow at Harvard Medical School and an NSTC board member, will guide the day-to-day operations of the accelerator as its president.

"Research by the Massachusetts Technology Collaborative shows that employment in life sciences yields a strong multiplier effect on overall employment," continued North Shore Life Sciences Accelerator president Martha Farmer. "For every life sciences job created in Massachusetts, five indirect jobs are created. That research points to the importance of this economic development effort undertaken by the NSTC and the North Shore Life Sciences Accelerator."

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About North Shore Technology Council (NSTC)
The North Shore Technology Council (NSTC) is a volunteer-led, non-profit technology trade association with a mission to build a community for interaction, collaboration, and advancement of technology industries in northeastern Massachusetts. These technology industries include information technology, medical devices, lab equipment, chip manufacturing, biotechnology, nanotechnology, homeland security, sustainability, and defense technology. The NSTC is committed to advancing the growth of these critical industries for the economic health and vibrancy of the region. The council is on the web at www.nstc.org. Its office is at the Cummings Center, in Beverly, Massachusetts.

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Contacts:
For The North Shore Technology Council
Leslie Scott-Lysan
NSTC Communications Director
Principal, Montrose Communications

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