Business

Two firms get accelerator loans from the Massachusetts Life Sciences Center

Vaxess Technologies, an early-stage company that is developing a platform that allows vaccines to be stored and shipped without refrigeration, has received a $1 million “accelerator” loan from the Massachusetts Life Sciences Center, a quasi-public agency charged with implementing the state’s $1-billion life sciences initiative.

According to its website, Vaxess has its headquarters at the Harvard innovation lab.

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The center said it also awarded a $520,000 accelerator loan to Guided Surgery Solutions, a Wellesley medical device company that is working on a 3D image-based drill guide to enable dentists to place dental implants with greater accuracy.

Meanwhile, the center added that a new application period for such loans is just beginning. The period runs through Feb. 3.

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Launched in 2009, the center’s accelerator loan program offers loans of up to $1 million to help finance start-ups that are a particularly vulnerable period of what hopefully will be a long life cycle.

The 10-year life sciences initiative is a priority of Governor Deval Patrick.

“We look forward to working with these companies as they put down roots and grow in Massachusetts, supporting the future of innovation right here,” Patrick said in a statement.

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To date, the accelerator loan program has awarded $16.2 million in loans to 25 companies, which have generated more than $105 million in additional equity or acquisition proceeds, the life sciences center said in a press release. Six of those companies have paid back their accelerator loans early with interest.

Chris Reidy can be reached at reidy@globe.com.
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