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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