BOSTON, MA (January 4, 2024) – Bioversity, a MassBio initiative, today celebrated the grand opening of its first workforce training center at Southline Boston in Dorchester with life sciences industry and community leaders, policymakers, and students from its first cohort. The ceremony marks the completion of construction on the dedicated, state-of-the-art lab and classroom space at the site of the old Boston Globe building that will welcome Bioversity’s first group of 20 students on January 8.

Bioversity plans to graduate 100 people from the program in 2024 into entry-level scientific operations jobs, with local life sciences companies providing a gateway to lifelong careers and economic opportunity, with the first cohort graduating at the end of February. Rooted in diversifying workforce development and providing equitable economic opportunities to underrepresented communities, Bioversity seeks to open pathways for residents from all backgrounds with the only qualification being completion of a high school degree or equivalent.

Of the 20 students that make up Bioversity’s initial cohort, 16 are Boston residents. The average age is 31 (ranging from 18 to 48) and 58% are female. 100% of students identify as either Black/African American or Hispanic and 94% hold only a high school degree or some college experience. 26% are currently unemployed and 52% are employed part-time.

“As we unveil our first workforce training center, I am profoundly grateful for the collective effort that has brought us to the opening of Bioversity,” said Bioversity Executive Director Zach Stanley. “The dedication of our partners, supporters, and team members has been instrumental in creating a hub of opportunity and empowerment for those interested in the life sciences. We couldn’t be more excited about the transformative impact this center will have on the students and partners involved.”

The organization is also forming a community of neighbors, families, instructors, and employers who are all united behind the same goal of deepening and diversifying the life sciences talent pipeline, ultimately creating entry-level talent built for continued success and ready to lead the life sciences industry into the future.

The grand opening was emceed by Stanley and included remarks from Massachusetts Executive Office of Economic Development Secretary Yvonne Hao, Executive Office of Workforce Development Secretary Lauren Jones, Beacon Life Science President Steve Purpura and Bioversity student Clarissa Ramirez.

The eight-week program at Bioversity offers learning at no cost for students, who also receive a stipend to offset the lost work hours throughout the week and help pay for expenses that may otherwise prevent them from attending class each day. The program offers graduates career placement resources to help get them into entry-level scientific operations roles at local life sciences employers. As the nonprofit expands in Dorchester and across the state, Bioversity will look to develop additional certificate training programs such as those that can provide mid-level talent development and roles in other parts of the sector.

“As we inaugurate Bioversity, we embark on a journey to reshape the future of life sciences in the Commonwealth, starting in Dorchester,” said MassBio CEO and President Kendalle Burlin O’Connell. “This center stands as a testament to our commitment to fostering diversity, equity, and inclusion, and by investing in the untapped potential of diverse talent we will strengthen the amazing work we do across Massachusetts. With our partners, we’ll build a bridge to a more inclusive tomorrow, where opportunities are within reach for everyone.”

About Bioversity

Bioversity is a Massachusetts incorporated non-profit with pending 501c3 status launched by MassBio. It was formed to implement industry-aligned, expanded workforce training initiatives. Bioversity blazes training pathways and creates employer connections for underrepresented populations and individuals traditionally left out of the life sciences to quickly propel them into well-paying jobs and lifelong careers. We aspire to an equitable life sciences industry that reflects the patient communities it serves and delivers career opportunities to all who want them. Learn more at https://bioversityma.org/about-bioversity/.

About MassBio

MassBio’s mission is to advance Massachusetts’ leadership in the life sciences to grow the industry, add value to the healthcare system, and improve patient lives. MassBio represents the premier global life sciences and healthcare hub, with 1,600+ members dedicated to preventing, treating, and curing diseases through transformative science and technology that brings value and hope to patients. Founded in 1985, MassBio works to advance policy and promote education, while providing member programs, events, industry information, and services for the #1 life sciences cluster in the world.

The post Bioversity, a MassBio Initiative, Hosts Grand Opening For 4,000-Square-Foot Workforce Training Center in Dorchester appeared first on MassBio.

Overall, VC funding was down from last year’s $8.7 billion and the 2021 record of $13.7 billion. Still, the amount raised in 2023 significantly eclipsed pre-pandemic records.

“Our report shows once more that Massachusetts not only weathered the post-pandemic industry reset with resilience but is well-positioned to remain a global powerhouse in drug research and development,” said MassBio CEO and President Kendalle Burlin O’Connell. “It is incredible to see local companies continue to attract substantial VC funding, while M&A activity has increased to fill the gap left by the lack of IPOs. Our unmatched density of biotech startups, pharma companies, investors, and academic institutions translates into the delivery of life-changing therapies for patients around the world. It also makes the Commonwealth’s biopharma industry more vulnerable to disruptions in the drug development life cycle from federal price controls and attacks on patents and IP. Continued partnerships between industry and government, and cross-sector collaboration, will help to mitigate certain challenges and keep the innovation engine strong.”

In a continuation of last year’s trends, the total number of funding rounds declined from 273 in 2022 to 242 last year, with 221 companies being funded against 246 in 2022. The data follows industry research that indicates biopharma investors, who are dealing with high interest rates and other financial pressures, are seeking more data on a longer time horizon before making funding decisions.

The end-of-year report also shows biopharma clusters continuing to grow well outside of the Cambridge-area hub. Fifty-eight percent of VC funding went to companies not headquartered in Cambridge, with Boston, Natick, Newton, and Watertown all increasing their share of funding. Burlington stormed onto the list with $531 million in VC funding, making up seven percent of all funding for the year across the Commonwealth. Still, Cambridge topped the list in overall funding with nearly $3.2 billion raised. Boston was second at just under $1.8 billion.

In what was a challenging year for private companies looking to go public, just two Massachusetts-headquartered companies held an IPO. Those two deals, however, were in the top five nationally, and both companies were trading higher as of December 31. Mergers and acquisitions activity did see a significant uptick with 38 local companies being acquired for a total of $13.04 billion. Boston-based Nimbus Therapeutics $6 billion acquisition by Takeda was the largest deal for Massachusetts companies being acquired. At the top of the list of 30 MA-based companies making acquisitions in 2023 was Biogen, which inked a $7.3 billion deal for Reata Pharmaceuticals.

When it comes to drug development, Massachusetts remains on the cutting edge with nearly 2,000 drugs in the pipelines of local companies, including more than 800 in clinical trials. That makes up nearly 15% of the national drug pipeline, second only to California. Nineteen companies in the Commonwealth or with a significant presence here received FDA approvals for 28 drugs or therapies in 2023. This includes groundbreaking treatments for Alzheimer’s disease, RSV, post-partum depression, and sickle cell disease.

Read the full report.

About MassBio

MassBio’s mission is to advance Massachusetts’ leadership in the life sciences to grow the industry, add value to the healthcare system, and improve patient lives. MassBio represents the premier global life sciences and healthcare hub, with 1,600+ members dedicated to preventing, treating, and curing diseases through transformative science and technology that brings value and hope to patients. Founded in 1985, MassBio works to advance policy and promote education, while providing member programs, events, industry thought leadership, and services for the #1 life sciences cluster in the world.

The post MassBio End of Year Report: Massachusetts Biopharma Companies Haul in $7.7B in Venture Capital Funding in 2023 appeared first on MassBio.

With the application now open for MassBioDrive’s spring 2024 cohort, we’ve put together this overview of answers to the most common questions we receive about this program. If you have any additional questions, please don’t hesitate to reach out to our team at drive (at) massbio (dot) org.

And, as a reminder, the deadline to apply for the spring 2024 cohort is January 26 at 12:00PM (noon) ET. Applications for our fall 2024 cohort will open in May.

What types of companies/founders/projects are you looking for?

We’re primed to support scientific founders and very early-stage biotechs who want to develop their business literacy while also getting hands-on expert guidance and mentorship from industry leaders and growing their industry networks.  

Specifically, we’d like to see applicants that have:

• A high potential therapeutic pipeline or platform technology
• Access (or a clear path to) to the intellectual property that the startup is founded on
• An interest in incorporating (if they haven’t already)

If your science or biotech doesn’t meet these criteria (or meets some of it), we’d still encourage you to apply – we know extenuating circumstances often exist so our application gives you room to provide more context.  

But really, who is this program for?

This is for emerging founders who want the support of a community as they take the next step with their science. MassBioDrive’s network of experts, mentors, and industry stakeholders are here to support you before, during, and beyond this program.

What will my startup get out of it?

Here are MassBioDrive’s benefits, which are all provided for free and with no equity taken:  

• 6 weeks of business curriculum and individualized working sessions
• 5 mentors who will serve as an advisory board for the course of the program; the MassBio team will help match you with mentors that fit your specific needs  
• Business development and networking support from the MassBioDrive team throughout the program  
• Ecosystem visibility through MassBioDrive networking events and an end-of-program Demo Day event, and through MassBio marketing channels  
• An equity-free “graduation gift” package, which includes a stipend award from Bristol Myers Squibb and resources from Google Cloud and Evaluate

What does a week in the life of a program look like?

We know that our founders are busy with academic work, research, families, and everything else, so we’ve worked to make this program as manageable but as high impact as possible. 

The two pillars of our 8-week program are curriculum modules and mentor meetings, which both take place weekly: 

• Curriculum modules: We take a hybrid and asynchronous approach to our six curriculum modules, which are composed of reviewing a video about that week’s topic and participating in a 1:1 deep dive working session with that week’s topic expert(s). Each week, you’ll receive a video overview of the next week’s curriculum topic; you (and anyone on your team who is interested) will watch it, take notes relevant to your startup, and share any questions or topics you’d like to discuss during the 1:1 working session with the curriculum expert. During the 1:1 working session with the curriculum expert, you’ll have the opportunity to connect live (or hybrid) on specific topics or questions directly related to your startup.  
• Mentor meeting: The weekly mentor meeting will function as an advisory board meeting – you’ll have a set time to connect with your mentor team to discuss that week’s curriculum module, provide updates on your roadmap progress over the last week, and get advice or make asks of your mentors

Here’s what a sample week at MassBioDrive looks like: 

• Throughout the week:
  • Continue to make progress towards the goals outlined in your program roadmap, which you’ll develop with MassBio and mentor support during the first two weeks of the program  
  • You’ll work with your mentor team to determine a consistent day and time of the week to meet that works for everyone for the eight weeks of the program
• Monday (during a 1-hour timeslot between 3:00 – 5:30PM ET):
  • 1:1 meeting with that week’s curriculum expert
• Tuesday:
  • Receive next Monday’s curriculum video, which you should watch between Tuesday and Wednesday (approximately 45 minutes – 1 hour)
• Thursday:
  • Prep for the next Monday’s curriculum module by sharing any questions or agenda items you’d like to review during the 1:1 meeting 
• Next Monday:
  • Start the cycle over again!

If I live/work outside of Boston/Cambridge (or Massachusetts…or New England…or the US) can I still apply?

Absolutely! We welcome all eligible applicants. In fact, we’ve supported startups from 7 states outside of Massachusetts, and from 2 countries outside of the United States.

This is a hybrid program for a reason – we want it to be as easy as possible for all founders with great potential to harness our region’s networks and resources.

What is the application process for MassBioDrive?

To start, fill out our online application. We use this application to collect basic information about you and your startup, and we expect that it will take most applicants about an hour to complete.

All applications will be anonymized and undergo a blind review process by an expert team. Select companies will be invited to participate in 1:1 interviews with our review board of industry leaders, who will select the final cohort.

What key dates should I be aware of? 

Here are the key dates for our spring 2024 program:

Key Application Dates 

• January 2: Application for MassBioDrive S24 Cohort Open  
• January 26 @ Noon ET: Deadline to apply for S24 Cohort  
• February 21: Applicants notified if accepted to interview round 
• Week of February 26: S24 Cohort Interviews with Review Board   
• March 8: Interviewees notified if accepted into S24 Cohort  

Key Dates for F24 Cohort 

• April 1 – May 24: S24 Cohort* 
  • Note: Onboarding will begin the week of March 11 
• Week of April 8: Innovation Ecosystem Mixer  
• May 23: Demo Day Presentations 

Who are your portfolio companies?

Learn more about our previous cohorts here & check out what they had to say about MBD here.

My company is a little too advanced for MassBioDrive – how can I engage with the network?  

First – congratulations on your success!  

Second – thanks for your interest in joining our community: join us by attending our events (see above) or becoming a mentor (see below)!  

How can I get involved if I’m not an entrepreneur?

We firmly believe that everyone in this ecosystem has a role to play in supporting emerging innovators. Here are a few ways to support MassBioDrive: 

If you’d like to give back: 

Consider mentoring with MassBioDrive. Mentors play an invaluable role in helping founders take the first step (and all the other steps after). Your perspectives and experiences could be extremely valuable to someone who is just starting out. If you’d like to learn more, visit our mentor overview and interest form.  

If you have resources to share:

Partner with MassBioDrive to provide tools or resources to our cohorts. It could be consulting services, access to a technology, space, or cold hard cash, startups can benefit from all different types of support.

If you have something to share and would like to get involved, reach out to our team.  

If you want a front-row seat to the latest industry breakthroughs:

Volunteer as an analyst. Analysts are undergraduate and graduate students pursuing degrees in the life sciences (biology, biotechnology, biomedical engineering, chemistry, or biochemistry preferred) or business, or experienced professionals who help conduct due diligence on our cohort applications. Interested? Send us your CV to start the conversation. 

The post MassBioDrive Spring 2024: Frequently Asked Questions appeared first on MassBio.

“How do I operate a liquid dewar pressure builder?” is one of the most frequently asked questions from gas customers. In this article, we provide a better understanding of what a pressure builder is, how it works, and how to safely and properly use it.  

What is the purpose of the pressure builder?  

Without a pressure builder, a tank’s pressure might take several hours or days to build up to the level needed for a specific application. Using the pressure builder means the tank’s pressure will reach the desired level much more quickly, typically in 10 to 20 minutes. Some of the applications for which you might use the pressure builder include supplying nitrogen to a mass spectrometer or high-pressure manifold.  

How does the pressure builder work?  

When the pressure builder valve is opened, it allows liquid nitrogen to be introduced into the tank’s evaporation coil, which wraps around the inner and outer wall of the tank. This creates heat and builds pressure in the tank.  

How do I locate the pressure builder valve?  

There are several different valves on top of a liquid dewar, each with a tag that identifies what that specific valve is used for. Depending on the manufacturer, the pressure builder valve might look slightly different. It’s critical to read the tags to make sure you identify the correct valve that you are adjusting. If you’re looking for the pressure builder valve, search for the tag labeled “PB.” 

How do I set the tank pressure?  

Some pressure builders are designed so that the end user can adjust the pressure themselves. There are several steps that you should follow to ensure you do this properly and safely.  

1. Wear appropriate protective clothing. At a minimum, this should include a protective face shield or goggles and gloves. If possible, wear boots and a long-sleeve shirt and pants.   

2. Review the safety data sheet (SDS) for liquid nitrogen. This will give you a good understanding of the safety precautions and the emergency response guidelines associated with this product.  

3. Identify the pressure builder valve. There will be several valves on top of the tank, so look for the valve with the tag labeled “PB.”   

4. Check the pressure gauge on the tank to see if it’s at the level needed for the specific process. If it’s below the pressure required, turn on the pressure builder valve. Typically, it will take 10 to 20 minutes for pressure to build to the desired level. As pressure builds, it is normal to see frosting on the valves and base of the tank.  

5. The pressure builder may need to be left on throughout the entire run of the equipment if the process requires a high flow rate. However, you must check the tank regularly to ensure it is maintaining the desired pressure level.  

6. After the equipment completes a run, the pressure builder can be turned off. If you forget to do this, the liquid dewar will continue to freeze up around the valves on the tank as well as around the base of the tank. Typically, you will also hear the safeties blowing off aggressively.  

If I hear a loud hissing or popping noise coming from the safeties, is there an issue?  

This noise is normal and occurs when the tank’s pressure has built up to the maximum pressure setting. If this noise is bothersome, you may want to consider getting a whisper valve. This device can reduce the hissing noise as well as limit the amount of product lost from the safeties on the tank.  

What do I do if I find any leaks?  

Do not under any circumstances attempt to block or remove any of the safety devices on the tank to stop the leak. Immediately set the cylinder aside, mark the defective item with tape or a note, and call customer service at your gas distributor. 

Have additional questions or need more help with your liquid dewar pressure builder? The Middlesex team is happy to be of service, so feel free to contact us.  

Middlesex Gases is a preferred partner through MassBioEdge.

*** 

About Middlesex Gases 

Middlesex Gases is a family-owned, third-generation supplier of specialty, medical, and industrial gases and a variety of gas systems, including Bulk, MicroBulk, and Cryopreservation. The company was founded in 1949 by welder Joseph Martin Sr. as Middlesex Welding Supply, in Everett, Massachusetts. Today, Middlesex still offers expertise in industrial and welding gases and products but has evolved to focus more resources on serving the ever-increasing gas requirements of businesses in life sciences, biotech, and health care. Middlesex is now the preferred vendor for the Massachusetts Biotechnology Council (MassBio), the Massachusetts Medical Device Industry Council (MassMEDIC), and BioCT, Connecticut’s biotechnology community. With three fill plants, five supply stores, a state-of-the-art specialty gas lab and new medical CO₂ lab, and a large fleet of trucks and trailers, Middlesex Gases delivers superior gas products and solutions wherever and whenever its customers need them. 

The post Understanding pressure builders and how to use them: A Q&A with Middlesex Gases appeared first on MassBio.

In recent years, significant shifts in federal policy have had an outsized impact on the biotech and life sciences industries and the patients they serve. Paramount among these is the Inflation Reduction Act (IRA), which has complicated the intricate dance between policymakers, patients, drug developers, and other stakeholders within the healthcare system. The economic implications of the IRA continue to ripple through the industry, influencing everything from affordability to innovation to the relationships between industry and patients.  

MassBio has been at the forefront of these conversations, interacting with agencies like the Centers for Medicare & Medicaid Services (CMS) on the implementation of the drug price negotiation program, working to ensure the life-saving and life-changing work of our member companies isn’t slowed or disincentivized by the IRA’s fine print. 

As part of MassBio’s Patient Advocacy Summit last month, we welcomed a diverse panel of experts across the advocacy, healthcare, and policy spectrums to discuss how our industry can best navigate the challenges between federal policies and patient-driven healthcare. 

Navigating the IRA 

Our panel, which was moderated by Takeda Oncology Head of Global Oncology, Patient Value, Policy and Access Liz Lewis, and featured patient advocate and mother of a child with a rare disease Kayla Klein, Stoke Therapeutics Head of Global Patient Advocacy Parisa Sanandaji, and EveryLife Foundation Director of Public Policy Jamie Sullivan, MPH, shared their thoughts on the IRA and what its complex provisions mean for patients. 

Klein spoke to the uncertainty many patient advocates feel about some of the law’s unintended consequences.  

“There are going to be positives [out] of it but as a rare disease mom, it’s just another layer of what’s going to happen, how we find our voice, what are we going to have to say to amplify that this affects us and could potentially affect our family,” she said.  

Many policies are enacted without their authors fully understanding the implications, especially on the smaller rare disease communities. People like Klein, whose son has Severe Hemophilia A, are left to wonder what the goal of such a federal policy is.  

“There’s many benefits for patients, especially those on Medicare, those who are eligible for larger subsidies,” said Sullivan. “But what we haven’t done is taken a nuanced approach to avoid the [unintended] consequences.” 

Innovation Is Hope 

Innovation in healthcare is not a luxury; it’s a necessity. As federal policies shape the economic framework, the challenge lies in fostering innovation without exacerbating financial burdens on patients. Our panelists talked about the industry imperative to promote cost-effective, sustainable solutions. This may involve incentivizing research and development that specifically targets affordability, encouraging the adoption of technology that streamlines processes and reduces overhead costs, and fostering partnerships between public and private sectors to drive innovation that aligns with economic constraints. 

“You have more misses than hits,” said Sanandaji. “There is a lot of money and investments that go into developing new drugs and solutions to quickly bring to families. The IRA will be nuanced and there will be provisions that are tricky to navigate, so, we need to think about incentives that will help us approach these issues for R&D.”  

Sullivan called for greater transparency from federal policymakers on why certain decisions are being made and greater discourse between patients and policymakers. 

“There is a call to action,” she said. “We need to know what is happening behind closed doors and why policy makers are making certain decisions. We can’t help or inform the public if we don’t know what’s happening ourselves. Knowing the details will help both patient advocates and industry players advocate for the necessary changes that will have the most significant impact.” 

Sullivan spoke about some of the intermediate technical corrections to the IRA her organization is focused on such as expanding the Optimizing Research Progress Hope and New Cures (ORPHAN Cures) Act and clarifying that the negotiation clock should start for orphan products only once it loses its exemption.  

“There are 18 drugs on the market for hemophilia and unfortunately, none of them worked for my son,” said Klein, highlighting the importance or rare disease research and innovation. “From January to March in 2020, we were in and out of the hospital until they shut down for COVID. Right before our final discharge, there was a new drug that just launched, and it worked. Innovation is key and because of it, my son is now able to be a child first, and a child with hemophilia second.” 

Industry and Patients: A Symbiotic Relationship for Success 

All our panelists agreed the life sciences industry must broaden its tent, increasing the awareness that policymakers have with patients and bridging the gap between research and the patients who benefit from them. Industry professionals may be the experts in technology, but patient advocates are the experts in living with rare diseases. 

The IRA is a massive piece of legislation and, even those who have steadfastly supported it know that a huge piece of legislation often has significant unintended consequences. Our patient advocacy panelists highlight the need for collaboration between those writing the policies and those whose families are impacted most by them. 

“Putting on my mom hat, innovation really is key to provide what’s best for you or your child when it comes to rare diseases,” said Klein. “We just have to continue to drive innovation forward for families like mine.” 

The post Patients, Policy and the IRA: Navigating an Evolving Federal Landscape appeared first on MassBio.

MassBio considers it an honor to be able to represent the interests of our 1,600+ members. The work that goes on at your companies and organizations is changing the lives of patients around the world and giving hope to those with a yet unmet medical need. Our role is to support you in your endeavors—to do what we can to help you advance your science. We pride ourselves on the programming we offer, the partnering and networking opportunities we provide, and the cost savings we deliver, as well as the industry voice we speak with to lawmakers and journalists alike.

It is during times of difficult business choices, grim headlines, and misguided policy decisions that your membership is perhaps the most valuable. We are a resource that is always here, in the good times and the more challenging ones.

As we turn the page to a new year, I am eager to showcase the new and returning offerings we have on tap for 2024, but I think it is important look back on what we’ve experienced together this past year:

Training a new biotech workforce

• A new training paradigm: Bioversity, a MassBio initiative, is blazing training pathways and creating employer connections for underrepresented populations and individuals traditionally left out of the life sciences to quickly propel them into well-paying jobs and lifelong careers.
• Unlocking talent in Dorchester: In January, Bioversity’s first 8-week program will prepare roughly 24 local residents to join a life sciences company in an entry level role at no cost to them through a curriculum developed with industry input and by the Massachusetts College of Pharmacy and Health Services.

Driving innovation through partnering and mentoring

• Partnering at a higher level: MassBio’s Pharma and R&D Days continue to provide unparalleled opportunities for innovators to connect with world-leading biopharmaceutical companies.
• Helping founders do business: More than 20 emerging startups across a diverse range of focus areas have completed MassBioDrive’s 8-week accelerator, utilizing its business curriculum, mentors, and strategic partners to advance their enterprises.

Delivering on diversity, equity, and inclusion

• Elevating health equity: This year we elevated the conversation around health equity across all our events, including State of Possible, the DEI Conference, and the Patient Advocacy Summit.
• Keeping tabs on progress: We released the second report on the progression of equity and inclusion in our industry, part of our commitment to support members as you launch and scale your DEI initiatives and to do our part to accelerate change.  

Educating and connecting in the Hub and beyond

• An unparalleled member benefit: The MassBioHub as been the place to be this year with countless member-booked gatherings, conferences, board meetings, convenings … you name it, we’ve hosted it, all at below market rates for members.
• Events that run the gamut: We have been proud to offer all-day summits, nuts-and-bolts trainings, inspiring keynotes, timely forums, fascinating pitches, unmatched partnering opportunities, and of course our famous networking mixers, all to the benefit of our members and the ecosystem at large.

Representing industry on both Beacon Hill and Capitol Hill

• Protecting patient driven innovation: We’ve engaged all year with the Massachusetts congressional delegation, the White House, and federal agencies to spotlight the unintended consequences of the IRA and lobby for fixes to the law’s most problematic elements.
• Lengthening our Bay State lead: From supporting the state’s efforts to successfully attract ARPA-H to working closely with the Healey Administration on a possible reauthorization of the Life Sciences Initiative, MassBio’s government affairs team has continued to nurture strong relationships with policymakers.

Expanding cost savings and benefit options

• Rev’ing up HR solutions: MassBio now offers RevHR, a PEO like program, as a new EdgeBenefits partner to provide market competitive benefits, including health insurance, coupled with support and resources created specifically for Massachusetts life sciences companies.
• Introducing new preferred vendors: Corporate Traveler USA, the corporate travel partner of MassBio, has joined Morgan Stanley, Vizi, Globalization Partners, The Hartford, and Mercury as part of MassBioEdge to deliver best in class plans and competitive discounts to MassBio members.

Massachusetts is the hotbed of innovation because of the businesses and the people that call this Commonwealth home. MassBio, likewise, is able to be successful in our charge to advance Massachusetts’ leadership because of our members. I love nothing more than seeing our MassBio family at events and watching our industry continue to rewrite what is possible in the pursuit of human health.

The post A retrospective on MassBio’s 2023 appeared first on MassBio.

MassBio is partnering with LG Chem and AVEO on February 27, 2024, to host LG Chem AVEO Pharma Day® 2024, an unparalleled opportunity for emerging innovators to learn from and connect with a leading global chemical company and an oncology-focused biopharmaceutical company committed to delivering medicines that provide a better life for patients with cancer.

What They’re Saying: “LG Chem and AVEO Oncology are dedicated to our shared mission of providing innovative solutions to improve cancer patient’s lives. The collaborative synergy between LG Chem and AVEO Oncology establishes a global oncology organization with a robust portfolio of innovative products and deep capabilities from discovery to clinical, biologics manufacturing and U.S. commercialization. In Boston, where breakthroughs happen and collaborations thrive, LG Chem / AVEO Oncology pharma day will be your gateway to unparalleled opportunities to partner with a nimble and driven biotech culture of AVEO Oncology backed by the spirit of innovation and global resources of LG Chem. We look forward to unfolding a new chapter of strategic partnerships to improve lives of the cancer patients we serve.”

Stella S. Huh (Vice President, Head of Business Development, LG Chem Life Sciences) and Michael P. Bailey (President and CEO, AVEO Oncology)

Hear the latest: During LG Chem/AVEO’s open information session, you’ll discover the latest insights on their R&D strategy, target therapeutic areas, and partnering capabilities. This session will be followed by a networking reception.

• Register to attend the information session and reception today.

Get closer: Innovators with a pre-clinical / clinical candidate who are actively looking for partnership opportunities are encouraged to apply for a one-on-one meeting with LG Chem / AVEO representatives. LG Chem / AVEO’s target therapeutic areas are:

• Oncology (solid tumors / hematological malignancies)
• Metabolic diseases (diabetes, NASH, etc)
• Immunology

If your company meets their eligibility guidelines, apply for a 1:1 by January 5, 2024 at 11:59 PM ET.

The post Inspiring science and leading innovation at LG Chem AVEO Pharma Day® 2023 appeared first on MassBio.

I’ve enjoyed seeing the coverage given in the press to our 2023 DEI report since its release late last month. Anyone who’s produced a report like this knows that it takes months to create, yet seconds to put out in the world without knowing how it’ll be utilized. I’m pleased that it has provided a point of reference to the debate about representation in the life sciences, and the level of commitment to DEI in corporate America.

While this report certainly adds to the larger discussion of DEI in the life sciences industry and can inform decisions, the small number of respondents in the data set does mean it should not be used exclusively to draw conclusions or as a basis for all actions. We’ve shared some reasons for non-completion and part of our charge is to investigate how we can increase participation in the future, especially regarding our data collection methodology. However, it’s important to note that this is only one way we solicit information from our members to gain insights on the status of DEI in the industry and what investments need to be made.

I have the pleasure of consulting individually with our companies, both large and small, and I can say that some are doing incredible work in implementing DEI initiatives and best practices, above and beyond the averages shared in the report. And despite the SCOTUS ruling, many of these companies have told me they won’t be changing their commitment to this in any way. Though many of those companies chose not to participate in the survey themselves, some of the good news coming from the report definitely reflects the individual interactions I’ve had with member companies.

At the same time, with the current season for the biotech companies presenting new economic challenges, I’ve observed that some companies have been unable or unwilling to provide their DEI leads with the bandwidth and resources needed to be successful. I’m hesitant to say that some companies don’t value DEI outcomes that highly, but few have taken the leap to connect executive compensation with those outcomes. When I meet with DEI leads who feel limited in their power to execute, I frequently recommend that they narrow their focus so that they can devote the care and consideration that a DEI initiative needs to be implemented sincerely and effectively.

For this year’s report, I did spot a few surprises that warrant discussion:

• Only 18% of respondents suggested that the survey identified sustainability [of DEI initiatives] as needing more attention right now compared to the other survey options. Yet my own interactions lead me to believe much concern and trepidation exists with the individuals who are carrying most of the responsibility for their company’s DEI work. How long can they keep going if they aren’t resourced for success? If companies are going to start cutting back on DEI officers as some suggest, what will exist in their place to sustain any DEI progress made?
• 32% of respondents in the survey suggested “more respecting and accepting the differences of others” would improve the implementation or success of any best practices or new diversity, equity, and inclusion initiatives. The majority of the “crises” that are shared with me during member engagements often stem from contentions around the differences of others and a lack of respect or acceptance for those differences. Those experiences would have led me to expect many more respondents to say that improved implementation or success of any best practices or new DEI initiatives is dependent on individuals being “more respecting and accepting the difference of others.” Yet, that response stood at just 32%.
• I’ve heard countless members tell me about the processes they have in place to make spend opportunities more accessible to minority owned businesses, yet the report suggests that only 21% have a supplier diversity program. That tells me I might need to help members to formalize those processes into something they can confidently call and promote as a supplier diversity program open to interest from diverse businesses.  

MassBio’s report, though not perfect, really is something that contributes to discussions about corporate DEI efforts and if we in the life sciences are making meaningful progress. Going forward I will be working with our partners, members companies, and the DEI and health equity board committee to consider what will be the most meaningful information to collect and share. Are we asking the right questions, in the right way, not only to help our members benchmark, but to ensure we’re providing insights about the industry to support our partners across the state as they look to engage with the life sciences? How can we track the effectiveness of workforce development initiatives like Bioversity in improving representation at all levels in our companies? And how can we influence the implementation of DEI initiatives and the sharing of data so that the pledges made in our open letter and observations I see and hear firsthand are reflected in survey results in years to come?

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Non-Asian people of color currently make up just 14% of the Massachusetts biopharma workforce, according to a new report on diversity, equity and inclusion from the trade group MassBio. That’s worse than in 2021, the last time MassBio published its DEI report, when non-Asian people of color stood at 15% of the life sciences industry, and well under the proportion of people of color — 32% — who make up Massachusetts’ population as a whole. (MassBio typically counts Asian people separately because they are overrepresented in the pharmaceutical industry.)

At the executive level, things are even worse. The percentage of white executives in the life sciences has actually increased in the last two years, from 63% to 76%. Asian executives made up 15% of management, up from 13%, while the portion of other people of color again slid, going from 8% to 6%.

And even as companies grow closer to gender equality, it’s white women who are advancing: Between 2021 and 2023, the percentage of Asian women and other women of color in executive management remained the same, at 7% and 3% respectively, while the portion of white women increased from 27% to 36%.

“The percentage of people of color in the workforce is still terribly under-representative of the Massachusetts population, and there is a continued reported underinvestment in DEI,” MassBio president and CEO Kendalle Burlin O’Connell said in a statement. “A lack of resources, bandwidth, and budget assigned to DEI is still holding us back.”

***

As for gender parity, MassBio’s report suggests some progress — but again, that is limited to white women. Women as a whole currently comprise about 52% of the entire Massachusetts biopharma workforce, 46% of executives and 33% of board members.

MassBio has made specific calls to action for its member companies: creating a diversity statement, setting up employee engagement surveys that ask questions about DEI and establishing “diversity dashboards” to measure their own demographics internally. Today, 75% of respondents have a diversity statement, up from 56% in 2021; 50% have a diversity dashboard or scorecard, up from 24% in 2021; and 61% have conducted employee engagement surveys with DEI-specific questions, up from 57% in 2021.

Read the full story in the Boston Business Journal.

The post BBJ: In life sciences, people of color are still ‘terribly’ underrepresented, MassBio report says appeared first on MassBio.

Every month, MassBio spotlights a member company and its efforts in advancing the life sciences industry and supporting the patients we serve. In December we spoke with Garo Armen, Ph.D., the Co-founder, Chairman and Chief Executive Officer of Agenus, Inc. and the Founder and Chairman of COAF (Children of Armenia Fund). Both organizations draw their inspiration from the life and legacy of Armen’s grandmother, who taught him about the power of the immune system and the importance of leaving no one behind.

Tell us about your organization, its mission, and current activities.

Every day at Agenus, our eyes are set on our mission: to end the suffering of cancer patients. For over 29 years, Agenus has been dedicated to the discovery, development, and manufacturing of immuno-oncology (I-O) products. Our research and innovation engine has built a comprehensive pipeline of novel immunotherapies that empower the body to fight cancer, including checkpoint inhibitors, immune activators, and tumor microenvironment conditioning agents.

Our flagship program, botensilimab, represents a potential paradigm shift in immunotherapy. As a next-generation immune activator, botensilimab was designed to detect cancer, attack the cancer, and train the body’s immune cells to boost both innate (our natural defense mechanisms) and adaptive (our immune system’s ability to adjust and learn to defend us) immune responses in cold tumors. We are investigating botensilimab across multiple clinical trials, including a phase 2 study in colorectal cancer.

How do your organization’s activities help patients now and into the future?

In recent years, the medical community has started to unlock the power of immunotherapy; however, for many patients, I-O has yet to offer any benefit. This is especially true in cold and late-stage cancers.

Cold tumors, like colorectal, are notorious for “hiding” from the immune system, preventing the body from identifying and destroying them. The first I-O revolution brought benefit to “hot” tumors, including melanoma. Agenus is poised to bring a second revolution that could extend the benefit of I-O to cold tumors to help a larger patient population.

Botensilimab’s potential to turn an unresponsive tumor to a responsive one—turning cold to hot—could offer tremendous benefit to patients. In advanced cancer, patients who have failed prior therapies are left with extremely limited options and low chances of benefit. Now, we are even seeing botensilimab’s potential in earlier settings as well as in combination with chemotherapy agents, which could prevent cancers from ever reaching those advanced stages.

What do you see as the biggest challenge facing the life sciences industry today?

The life sciences industry continues to stand at the forefront of rapid innovation and change, giving rise to some of the most cutting-edge technologies and therapeutics, including immunotherapy. However, the fast-paced nature of this environment presents a unique challenge – the need for every area within the industry to keep pace.

Harnessing the power of the immune system remains an emerging frontier in oncology, and this gives rise to challenges in the lack of consistency in how I-O products are developed, tested, and regulated today. Our knowledge of the immune system is still evolving, and as new therapies continue to emerge, the knowledge gaps between the industry, healthcare professionals, and patients continue to grow. To address these challenges, the industry must find innovative solutions to enhance education and foster partnership with the oncology community so that the very best treatment approaches can be directed at ending cancer.

What’s next for your organization / what are you focused on in the coming year?

Agenus remains laser-focused on delivering the breakthrough potential of our novel investigational immune activator, botensilimab. We believe botensilimab represents a paradigm shift in I-O, with its ability to activate the immune system in multiple cold, traditionally unresponsive tumors and its versatility to be used in a range of treatment settings, including prior to surgery.

Our immediate priority in the coming year is to file our Biologics License Application (BLA) with the U.S. FDA for botensilimab in MSS colorectal cancer. Looking ahead, we plan to further advance botensilimab in other tumor types and expand into earlier lines of therapy.

At Agenus, we recognize the importance of the individuality of each patient battling their cancer and our goal is to make our treatments available to help as many patients as possible.

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