The seven-story PVD Labs building under construction in Providence will include a 30,000 wet and dry lab incubator under a tentative agreement approved by the Rhode Island Life Science Hub board on Thursday. (Rendering courtesy of Ancora L&G)
Rhode Island’s first, dedicated incubator for start-up life science companies now has a home, and a developer under a $10 million, non-binding contract approved by the Rhode Island Life Science Hub board Thursday.
The quasi-public state agency’s unanimous vote came minutes after a closed-door, virtual discussion on the terms of state funding for the wet lab reserved for testing drugs, chemicals and other biological material. A term sheet outlining details of the partnership and public financing is not being made public until finalized, according to Jillian Scott, a spokesperson for the agency.
Broadly described in a press release, the draft agreement brings together the state’s nascent, life science agency with Brown University, the I-195 Redevelopment District Commission and developer Ancora L&G to house the much-anticipated state incubator within the new, seven-story health and science building already under construction in the I-195 District.