Slater Technology Fund Renews Its Commitment to Incubator Program
Providence, R.I., October 25, 2006 – Slater Technology Fund today announced that it has renewed its lease for its biomedical incubator facility, extending the Fund’s commitment to the facility through September 2007.
Since mid-2003, Slater has leased 7,500 square feet of fully-outfitted wet lab space in the Richmond Square office complex on Providence’s East Side for use by biotechnology-based start-up companies associated with the Fund. The Slater incubator offers a productive location where technologists and entrepreneurs from academia, research and industry can work together and share resources to achieve economies in their seed stage of development. The incubator program is an important component of Slater’s overall mission to encourage the creation of technology-based ventures, and to help them succeed as entrepreneurial companies.
"Slater is committed to developing a tightly-networked community of entrepreneurs to foster innovation and to expand the number of technology-based companies in Rhode Island," said Richard G. Horan, senior managing director of the Slater Technology Fund. "Creating incubator facilities is one of the key components needed to achieve that goal. Ready access to fully-supported facilities on affordable terms allows innovators to focus their efforts on the higher-value aspects of building their businesses."
Companies currently operating in the Slater incubator facility include NABsys, Inc., a next-generation DNA sequencing company that originated from the department of physics at Brown University, and Gene Spectrum, a spin-off from the departments of chemistry and computer science at Brown, founded to develop and capitalize on a proprietary approach for the design, construction, and interpretation of DNA microarrays.
"At NABsys, we are pursuing an important advance in medicine that draws upon the fields of physics, biochemistry, and computer science," said Barrett Bready, M.D., chief executive of NABsys. "It is very helpful to have a staffed incubator in which to work. This allows us to focus on the science and business at hand and to postpone the time, effort, and expense of building out our own independent labs until a later stage of development."
Other companies operating in the facility include: LCT BioPharma, a developer of advanced cell therapies for diabetes and other major illnesses; Myomics, Inc., a drug discovery company developing a proprietary platform for identifying drug candidates in muscle-related disorders; and Epimer Inc., a developer of Vitamin D analogs for use in treating cancer and other disease.
About Slater Technology Fund
The Slater Technology Fund supports the development of emerging industries with potential for significant long-term growth within the State of Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term.
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