As the Rhode Island Life Science Hub prepares to open the state’s first commercial life sciences startup incubator, Brown University will play a critical role by providing nearly 30,000 square feet of leased space as a home for the facility at no cost.
Brown’s investment to support the launch of Ocean State Labs is valued at $13 million over 10 years.
On Wednesday, Dec. 4, the Rhode Island Life Science Hub finalized an agreement with Ancora L&G to create the incubator at the under-construction 150 Richmond St. building in Providence’s Jewelry District. Brown committed, through a separate agreement with the hub, to provide laboratory space, which it had pledged to lease to help make the Ancora-led life sciences development project a reality, at no cost.
When it opens, Ocean State Labs will provide critical infrastructure to support early-stage biotechnology and medical companies in Rhode Island as they grow and bring their discoveries to the marketplace. The Rhode Island Life Science Hub will invest up to $10 million to create the incubator, covering construction, project management and other startup costs. The I-195 Redevelopment District Commission will contribute up to $1 million toward its construction as part of a broader effort to support life science infrastructure and attract new startups to Providence.
The planned facility will feature a mix of private and open lab spaces, co-working areas and cutting-edge technology designed to support up to 30 local startup companies. Neil Steinberg, chairman of the hub’s board of directors, said the launch will mark a turning point for the growth of the life sciences sector in the region.
