|
PROVIDENCE, R.I. - The Rhode Island Life Science Hub finalized a landmark agreement today with Ancora L&G to create “Ocean State Labs,” a state-of-the-art biotech and medical incubator in Providence’s 195 District. “Ocean State Labs” will provide critical infrastructure to support early-stage life science companies in Rhode Island as they grow and bring their discoveries to the marketplace.
Under the terms of the agreement, the Rhode Island Life Science Hub will invest up to $10 million in the development and construction of the incubator, covering construction, project management and other startup costs. The I-195 Redevelopment District Commission, a quasi-public entity that oversees the development of the district, will contribute up to $1 million towards the construction of the space as part of a broader effort to support life science infrastructure in the district and attract new startups.
Brown University will play a critical role in the “Ocean State Labs” launch by providing nearly 30,000 square feet of leased space at 150 Richmond Street in Providence for the incubator. The University committed, through a separate agreement with the Rhode Island Life Science Hub, to sublease its space at no cost, an investment of $13 million over 10 years to support the incubator.
An Incubator Advisory Committee and a Selection Committee will be established to oversee the incubator operation and ensure best practices, determine which startup companies will be accepted into the incubator and guide the development of programs that support their growth.
“The development of the ‘Ocean State Labs’ is a pivotal moment for the growth of life science companies in Rhode Island,” said Neil Steinberg, Chair of the Rhode Island Life Science Hub Board of Directors. “The incubator will provide critical infrastructure that will bring ideas to reality, accelerate groundbreaking discoveries that can directly improve people’s lives and fulfill one of the primary objectives of the legislation that created the Hub.”
“We appreciate all the partners in the public and private sector who made this opportunity possible,” Steinberg added.
The approximately 30,000-square-foot incubator will be located on the fourth floor of 150 Richmond Street, which is currently under construction. The facility will feature a mix of private and open lab spaces along with co-working areas that will be equipped with cutting-edge technology to support up to 30 startup companies in Rhode Island. The 150 Richmond Street building will also house the State Department of Health Laboratories on its lower floors, while the upper floors will be dedicated to commercial lab space (PVD Labs). The incubator’s unique proximity to the State health laboratories as well as academic and medical institutions surrounding the incubator in the district is expected to create opportunities for collaboration, allowing scientific discoveries to be transformed into real-world applications for people more quickly.
JLL will serve as project manager on behalf of the Rhode Island Life Science Hub. Construction is expected to be completed by the end of 2025.
"Ocean State Labs is a pathway to growing the life science sector across Rhode Island," said Governor Dan McKee. "Thanks to a strong private-public partnership, this state-of-the-art facility will support innovation and positions Rhode Island as a leader in this key industry."
“Today’s announcement is great news for our state’s economy. The creation of the ‘Ocean State Labs’ incubator is a significant step forward in the work to create a life science hub in Rhode Island, and we are already hearing very positive feedback from companies that are excited about Rhode Island’s initiatives,” said Speaker K. Joseph Shekarchi.
"Ocean State Labs represents what is possible when many stakeholders work together for Rhode Island’s future. This exciting initiative is precisely the kind of use I have always envisioned, and hoped for, on the former I-195 land. I am grateful to Neil Steinberg and the Rhode Island Life Science Hub, the 195 District Commission, Ancora L&G, Brown University, and the many leaders and partners who continue working hard to keep our state on the leading edge of 21st century industries and opportunities,” said President of the Senate Dominick J. Ruggerio.
“We are thrilled to partner with the Rhode Island Life Science Hub, the 195 Commission, and Brown University to establish the state’s first full-service incubator infrastructure. This initiative, coupled with PVD Labs, represents a major step forward in fostering life science innovation, supporting entrepreneurs, and driving economic growth across Rhode Island. Together, we’re creating an ecosystem where bold ideas can thrive and transform into impactful ventures,” said Josh Parker, Chairman and Chief Executive Officer of Ancora L&G, the developer, owner, and manager of 150 Richmond.
For Brown, partnering with the Rhode Island Life Science Hub and Ancora L&G to offer space for the incubator builds on a commitment to supporting projects that contribute to the economic vitality of the city and state. Brown President Christina H. Paxson said the University’s investments will advance a vibrant hub for health and medicine by catalyzing local life sciences and biotechnology ventures, many of which originate from research on Brown’s campus.
“Investing in Rhode Island’s first commercial life science incubator will unlock new possibilities for world-class researchers at Brown and other local institutions to turn their biomedical discoveries into enterprises,” Paxson said. “This will strengthen the state’s growing presence in the life sciences, spark local economic growth, and help turn research breakthroughs into commercial ventures that make a positive impact on the health of Rhode Islanders.”
“Creating shared lab space in the 195 District has been a priority for the Commission for many years as it is a key component of a vibrant life sciences cluster,” said Marc Crisafulli, Chairman of the I-195 Redevelopment District Commission. “We appreciate the efforts of the Rhode Island Life Science Hub to bring this to fruition.”
The Rhode Island Life Science Hub will hold a press conference on Tuesday, December 10 at 2:00 p.m. at the Rhode Island State House to unveil designs showcasing the incubator’s cutting-edge facilities.
###
About the Rhode Island Life Science Hub: The Hub positions the state to deliver on a bold vision of transforming Rhode Island into a globally recognized life science innovation hub by coalescing existing stakeholders, activities, and investments, while building new capabilities. Through an initial three-year, $45 million investment, the Hub will serve as the central and coordinating organization facilitating the development of medical advances and scientific breakthroughs by supporting companies who specialize in life sciences.
| 
