The new Massachusetts Medical Device Development Center (M2D2) at UMASS Lowell recently held its opening ceremonies. The $4 million renovation of an old textile mill was managed by the UMASS Building Authority and is an incubator for medical device start ups and entrepreneurs.
The M2D2 is now open for business and features wet labs, equipment and office space where entrepreneurs and start-up companies can license the space they need and focus on growing their medical devices from idea to fruition. Already, the M2D2 has helped 23 start-up companies bridge the gap between invention and production of new medical devices.
"The M2D2 is a first-class facility that adds to the school's reputation as a top education and research center," said University of Massachusetts Building Authority (UMBA) executive director David MacKenzie. "With a struggling national and local economy, UMASS is committed to keeping entrepreneurs and new businesses in the state by providing cost-effective, innovative workspace."
The M2D2 is one of several new venture development centers at UMASS constructed by the UMBA to help start-ups and ultimately improve the economy. The Venture Development Center (VDC) at UMASS Boston opened in 2009 to provide office space and laboratory facilities for emerging technology and life science companies. Plans are currently underway at UMASS Dartmouth for a 14,000 s/f bio-processing plant in Fall River to help biotech start-ups mass produce their laboratory findings.
Currently, more than 20 UMBA projects valued in excess of $1.2 billion are under way on all five UMass campuses. These projects include construction of the Albert Sherman Center at the Worcester Medical School, a $432 million research facility that will be in the forefront of the nation's battle against cancer. Construction of the Sherman Center will generate $400 million in direct construction spending and create 6,000 jobs. Upon completion, the center will support 1,600 permanent jobs and $264 million in annual revenue. The Sherman Center will be the new laboratory for Dr. Craig Mello, who won a Nobel Prize for his groundbreaking work on how genes control cell activity. Other projects include the Edward M. Kennedy Institute and an academic building in Boston; the Emerging Technology and Innovation Center, a student dormitory and two new parking garages in Lowell; and a police station, greenhouse complex and honors facility in Amherst.
The University of Massachusetts Building Authority (UMBA) is a major economic engine in the state, generating thousands of jobs and millions in revenue at a time when both are badly needed. In particular, UMBA has been a lifeline for the construction industry, which has suffered greatly during the recent economic downturn.