5 new biotech startups are coming to RI’s Ocean State Labs next year

• Rhode Island’s first biotech incubator, Ocean State Labs, announced its first five member companies.
• The startups focus on areas like Alzheimer’s prevention, cancer treatment, and tissue regeneration.
• The incubator will be located in Providence’s Jewelry District and is expected to open in early 2026.

PROVIDENCE – Startups focused on preventing Alzheimer’s disease, improving surgeries and fighting cancer mutations will be among the first members of Ocean State Labs, the state’s first biotech incubator

City and state leaders announced the first five member companies on Wednesday, Sept. 24. The list includes:

• MindImmune, a biopharmaceutical company focused on Alzheimer’s disease and brain inflammation. 
• OncoLux, a medical technology company developing advanced optical imaging and AI technology to improve oncology surgeries. 
• P53 Therapeutics, which is developing small molecule therapeutics intended to overcome certain cancer tumor suppressor mutations.
• Pax Therapeutics, which is using gene-delivery technologies to heal tendon and ligament injuries.
• XM Therapeutics, which is developing tissue repair and regeneration platforms for chronic disorders. 

“In spite of the rain, it’s a beautiful day,” said House Speaker K. Joseph Shekarchi, a key driver of the creation of the biotech hub. “This is living proof that when you work together, you get things done.”

Gov. Dan McKee noted that the new hub has been more than four years in the making, and recalled meeting with Shekarchi and the late Senate President, Dominick Ruggerio, when it was “just a concept that had no real meat to it, that had no real location.” “Working together, and that’s how it happens, we’re here today,” he said. “We’re standing right in the lobby where this innovation is going to happen.”

State leaders see the biotech hub as a way to create jobs and build on the strength of Rhode Island’s academic institutions, and they are also optimistic that it will lead to better health outcomes for patients everywhere. “Ultimately, the work that happens here changes the course of human lives, and that’s the most important thing,”  said 195 District Chair Marc Crisafulli, who described himself as a cancer survivor who is only alive today because of medical technology. 

What is Ocean State Labs?

Ocean State Labs was created by the Rhode Island Life Science Hub, a quasi-public entity founded in 2023 to bring biotech business to Rhode Island through public-private partnerships.

It’s managed by venture capital firm Portal Innovations and will be housed at 150 Richmond St. in Providence’s Jewelry District, above the new state health lab.

“This is the future of Providence,” said Mayor Brett Smiley, describing the effort as “truly a public-private partnership.” 

The facility, which measures more than 30,000 square feet, has space for up to 30 start-up companies and is designed to offer flexible, affordable lab space as well as connections to potential investors and partners. Member companies receive support and mentorship as they get off the ground. 

“It’s a transformational opportunity,” said John Flavin, CEO and president of Portal Innovations.

Construction is expected to be completed by the end of 2025, and the incubator is scheduled to open in the first quarter of 2026.

The state launched the Life Science Hub with $45 million in federal pandemic aid, and the Hub invested $9 million of that in Ocean State Labs. Another $1 million in funding came from the I-195 Redevelopment District Commission, which manages the land where the new lab is located.

The goal is to have the space 60% to 80% full within a year of opening. 

What does the future hold?

Mark Turco, the president and CEO of the RI Life Science Hub, has said he envisions the life sciences industry eventually replacing the jewelry and textile industries.

“These are areas that we are going to continue to concentrate on, and build our clusters of innovation and technology growth here in the state,” he said on Sept. 24, naming neuroscience, regenerative medicine and cancer therapeutics as key strengths. 

McKee acknowledged that scientific research currently faces “headwinds” amid federal funding cuts, but he struck an optimistic tone. 

“You just keep doing the work, right?” he said. “And we’re very fortunate that we planted the seeds several years ago, so that we have the momentum we need to carry us through whatever comes our way from Washington. And that’s because of the foresight in investing in facilities like this.” 

At the Sept. 24 announcement, Crisafulli urged state leaders to continue to invest in economic development initiatives. 

“This is a critically important step, but I want to emphasize that we cannot rest on our laurels,” he said. “I know budgets are tight, I know it’s going to be tough going forward. I’m just encouraging our state leadership to do everything you can to make long-term investments.” 

This story has been updated with new information.