BioAccel has received the City of Peoria’s 2013 Economic Development Award for the development and management of BioInspire, a medical device-focused accelerator program. MaryAnn Guerra, BioAccel’s CEO, and Thomas Rainey, Director of BioInspire, will accept the award on behalf of BioAccel’s staff, Board and advisors at the Peoria Chamber of Commerce’s Annual Awards Celebration, May 22, 2013.
A City of Peoria-funded initiative, BioInspire was launched by BioAccel on September 25, 2012. To date, it has supported the recruitment of six new portfolio companies providing advisory services, funding, individual and common laboratory space and support services at the 6,800-square-foot facility in Peoria. Arizona Medical Systems, Hildeez, Kulira Technologies, Nasseo, Yolia Health and Stimwave Technologies are located at BioInspire.
“The next several years will be exciting as the City continues to execute its Economic Development Implementation Strategy and nurture this public-private partnership to support the region’s bioscience industry,” said Scott Whyte, the City of Peoria’s economic development services director. “As the clients at BioInspire grow and prosper, they will graduate from the resource rich accelerator program into their own commercial space within the City. BioAccel was chosen for this award based on their leadership and execution in assisting us in stimulating the local and regional economy, and planting the seeds for future growth.”
BioInspire’s goal is to create knowledge industry jobs and entrepreneurial wealth by supporting viable new medical device companies.
“Portfolio companies will play a vital role in Peoria’s economic development through their scalable businesses and the products derived from their innovative research. BioAccel provides critical support for that effort by providing proof-of-concept and seed funding, flexible office and lab space, and business and regulator advisory services. This significantly increases their chances of success,” Guerra said.
BioAccel’s interdisciplinary team manages a rigorous client selection process complemented by an expert advisory council that approves final selection of prospective company applications. The Council of Advisors includes senior managers from Medtronic, Covidien, West Valley Bancorp, HLM Partners, the City of Peoria and capital sources among others.
BioAccel was established to stimulate the development of technologies and spin-off companies based on research conducted at other public and private institutions and by local entrepreneurs.
BioAccel is a nonprofit organization dedicated to translating life science discoveries into new business opportunities that drive economic development. Since its founding in 2009, it has invested close to $2.5 million into companies and projects that have secured over $12.6 million in follow on funding thus far. For more information visit www.bioaccel.org.