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PROVIDENCE, RI - The Rhode Island Life Science Hub approved a non-binding agreement with Ancora L&G today to develop and operate a state-of-the-art life science incubator for commercial early-stage companies in Providence at a meeting of its board of directors. The development is a key initiative of the Hub’s enabling legislation, marking a significant step forward in addressing the pressing shortage of lab incubator space in Rhode Island. The project is expected to enhance collaboration among researchers and companies, facilitating breakthroughs in scientific innovation and commercialization with the potential to significantly benefit patients.
Board chair Neil Steinberg briefed the board on the proposed 30,000 square foot incubator facility located on the 4th floor of 150 Richmond Street in Providence’s 195 District. The facility will be located between the Rhode Island State Department of Health Laboratory, which will occupy the bottom three floors of the building, and commercial lab space on the upper floors. The incubator will be subleased from Brown University, which has committed to covering the full cost of the lease to support the incubator’s operations.
The building is currently under construction. The incubator will feature state-of-the-art adaptable spaces equipped with essential services, equipment and direct connectivity to neighboring institutions and life science companies.
“This shared space is anticipated to attract other life science companies, increase foot traffic and create job opportunities, generating economic activity in the neighborhood and across Rhode Island,” Steinberg told the board.
“The development of this lab space is a transformative step for the life sciences community in Rhode Island,” he added. “The project meets an urgent need for modern, incubator lab facilities in the state to support existing life science companies and attract new ones.” Steinberg noted for the board that existing life science companies currently must travel to neighboring states in the absence of incubator space in Rhode Island.
The non-binding term sheet outlines a collaborative framework for the incubator’s development among the parties which include the Rhode Island Life Science Hub, Ancora L&G, Brown University and the 195 District Commission. Moving forward, the Hub will proceed to negotiate a definitive, binding agreement which will require approval from the Hub board of directors.
As part of the transaction, the Rhode Island Life Science Hub’s board of directors authorized the investment of up to $10 million to fund the development and construction of the lab space and accommodations for project management, legal and other startup expenses. The 195 District has committed to fund 10%, or $1 million, of the Hub contribution for construction costs.
Brown University will commit its leased space at 150 Richmond Street as the site for the incubator lab, investing up to $13 million over ten years as part of an existing agreement with Ancora L&G that will support the lab’s annual operating expenses.
The Rhode Island Life Science Hub’s board of directors published a request for proposals for the lab space in April of this year. The announcement follows a comprehensive evaluation process conducted by a subcommittee of the board.
Construction is expected to be completed and the incubator lab opened by the end of 2025.
“This investment will continue the momentum at the Hub and in the life sciences sector as a whole, ensuring that Rhode Island is positioned to innovate and grow for years to come,” Steinberg continued. “We deeply appreciate the collaboration and support of Ancora L&G and our partners at Brown, the 195 District, and look forward to continuing to work closely with them throughout the project’s development.”
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