The Massachusetts Life Sciences Center awarded $2.2 million in loans to Allurion Technologies, Paragonix Technologies and Intelligent Bio-Systems, according to a news release.
The Center is in charge of implementing Massachusetts' 10-year, $1 billion Life Sciences Initiative and started the accelerator program to provide support for startup businesses. The accelerator program provides loans of up to $750,000 to early-stage companies engaged in life sciences research and development, commercialization and manufacturing. This is the fourth round of funding for the program.
Wellesley, Mass.-based Allurion Technologies plans to use the $750,000 loan to start human trials for its weight loss system to induce weight loss by displacing volume in the stomach without surgery. Cambridge, Mass.-based Paragonix Technologies will use its $710,000 loan to expand its line of organ transport devices.
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The Center is in charge of implementing Massachusetts' 10-year, $1 billion Life Sciences Initiative and started the accelerator program to provide support for startup businesses. The accelerator program provides loans of up to $750,000 to early-stage companies engaged in life sciences research and development, commercialization and manufacturing. This is the fourth round of funding for the program.
Wellesley, Mass.-based Allurion Technologies plans to use the $750,000 loan to start human trials for its weight loss system to induce weight loss by displacing volume in the stomach without surgery. Cambridge, Mass.-based Paragonix Technologies will use its $710,000 loan to expand its line of organ transport devices.
Related Articles on Medical Devices:
KSpine Raises $2.5M for Spinal Implant to Treat Scoliosis
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Novus Scientific Receives New U.S. Patent for Mesh Implant