Ocean State Labs, Rhode Island’s first life sciences startup incubator, officially opened with support from Brown University and several public and private sector partners.
The incubator is designed to support early-stage biotechnology and medical companies by providing laboratory space, infrastructure, operational support, and access to capital networks as they scale scientific discoveries into commercial businesses.
Ocean State Labs is led by the Rhode Island Life Sciences Hub in partnership with the State of Rhode Island, the I-195 Redevelopment District, Brown University, and L&G Asset Management America. The facility is located at 150 Richmond Street in Providence, where Brown University provided 30,000 square feet of leased space, representing an investment valued at $13 million over 10 years.
The incubator is located above Rhode Island’s new state health lab and is managed by Portal Innovations. In addition to laboratory facilities, Portal Innovations will provide startups with venture development support, technical expertise, and access to industry partners.
Officials from government, higher education, and the business community participated in the ribbon-cutting ceremony held on May 13. Speakers highlighted the incubator as a major step toward expanding Rhode Island’s biotech and life sciences ecosystem and creating opportunities for startups to remain and grow within the state.
Several companies in the inaugural cohort were founded by Brown University researchers working across fields including oncology, regenerative medicine, and neuroscience.
Among the startups operating within Ocean State Labs is XM Therapeutics, which was co-founded in 2022 by Jeffrey Morgan and entrepreneur Frank Ahmann. The company is developing therapies for chronic conditions including heart disease and kidney failure using extracellular matrix technology.
KEY QUOTES:
“Every person working in this building, every new tax dollar generated, and every breakthrough discovered here contributes to a Providence that is more resilient and more competitive on the global stage. As a provost and a biomedical engineer, I am incredibly proud and excited about the research that will take place within these walls. But more importantly, I am proud of what this building represents, a promise kept to the City of Providence and a foundation for a future where Rhode Island leads the way in the life sciences.”
Francis J. Doyle III, Provost, Brown University
“We started here at 150 Richmond as a public-private partnership. We believed in building a cutting-edge state health lab in this building, and we believed it would become an anchor for life sciences companies, not only in Rhode Island, but across the region, and it has. Let’s keep that momentum going.”
Dan McKee, Governor, Rhode Island
“Rhode Island has an extraordinary scientific and clinical talent base. For many years, founders and early-stage companies faced a challenge: they could discover science here, but they had to leave the state to find the infrastructure, capital and support needed to scale, Ocean State Labs helps change that dynamic. We are creating an environment where companies can launch, grow and stay here in Rhode Island.”
Lilia Holt, Interim President, Rhode Island Life Sciences Hub
