NYC's biotech scene gets cash and office space with Beacon's new incubator
New York City’s self-declared biotech hub got a new player Wednesday with the launch of Beacon Pharma, a startup incubator that will provide cash and space to life science companies in the region.
The incubator was founded by Beacon Capital, a family office that does deals both in life sciences and in real estate. The group is committing to seed startups housed at the incubator with small deals — between $30,000 and $1 million per startup — structured mainly as convertible debt. Beacon says it has $30 million to $50 million in a fund but noted the money wasn’t specifically reserved for the incubator’s startups, saying instead that it will invest in “various startups selected by Beacon Pharma, as well as others in the New York and New Jersey area.”
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