Eleven life sciences startups have been chosen for the latest cohorts of Drive, a national accelerator program designed to support breakthrough science and help founders develop long-term business skills, according to an April 1 announcement. Since its launch in 2022, Drive has assisted a total of 70 early-stage companies, including the new participants, which together have raised $290 million in funding.
The selection was made public by Massachusetts trade association MassBio and SCbio, an economic development organization based in South Carolina. MassBio will oversee five biotech companies while SCbio will lead six businesses focused on biomarkers and diagnostics. Eight out of the eleven selected startups are located in Massachusetts.
To qualify for the program, all participating companies must have received less than $1.5 million in equity-based funding at the time of application. Additionally, they must own or have access to their intellectual property through a license agreement or an option agreement that allows them to negotiate such a license.
Drive offers a free eight-week curriculum with six modules taught by industry professionals from organizations such as Eli Lilly, Labcorp, and Thermo Fisher Scientific. The program also includes weekly mentorship sessions where mentors serve as advisory board members throughout the course and features in-person demo days held in Boston and Charleston, South Carolina. Through a new partnership between MassBio and ADA Forsyth Institute, one graduate will receive sponsored lab space for one year at ADA Forsyth’s facility in Somerville.
"The science in this cohort reflects where drug development is headed: next-generation biologics, RNA medicines, precision-targeted ADCs, and a renewed focus on cardiovascular disease that the field has too long underinvested in," said Kendalle Burlin O’Connell, CEO and President of MassBio. "Even as the funding environment remains challenging, we’re seeing founders push the modality frontier in ways that could fundamentally change how we treat some of the most complex diseases."
James Chappell, President and CEO of SCbio said about his organization’s involvement: "Drive will give this cohort of diagnostic and biomarker companies the chance to experience the infrastructure, talent, and partnerships that South Carolina offers to accelerate real-world impact."
