October 2023

A story in today's Boston Globe discusses efforts by a coalition of venture capital firms to extend the time before pills are subject to Medicare price negotiations. The Incubate Coalition is pressing US lawmakers to extend this period from nine years to 12, to enable drug makers to earn fair returns and support investment. Consumer and senior advocates argue that the change would inhibit measures to make drugs more affordable.

Last month, Woburn-based Abpro Corporation, a biotechnology company with the mission of improving the lives of those facing severe and life-threatening diseases with next-generation antibody therapies, announced plans to go public through a reverse-merger with a special-purpose acquisition company (SPAC). In a transaction expected to close in Q2 of 2024, the company will combine with Atlantic Coastal Acquisition Corp. II, resulting in an implied equity valuation for Abpro of $725 million. Read more in Boston Business Journal (subscription required).

"This is a milestone for Abpro, and we look forward to working with Atlantic Coastal and its team. The proceeds we expect to raise in connection with this transaction will help accelerate the advancement of our pipeline toward clinical trials and provide the foundation for ongoing development of novel immunotherapies to help patients.”

Ian Chan

CEO and co-founder, Abpro

Thanks to all the clients and friends who turned out for last weeks's beer garden at TradeCenter 128! We enjoyed terrific brews from Ipswich Ale Brewery, delicious food tastings from Teresa's Ristorante (400 TradeCenter, Woburn), and great music by Kevin Haverty.

Woburn is well represented among the BostInno 2023 Fire Award honorees. Congratulations to Cummings clients Abpro Corporation (2 Cummings Park), Boston Metal (6 Gill Street) and Vaxess Technologies (1 Cummings Park).

Chris Ilsley (fourth from right) of InnoVenture Labs (100 Cummings Center, Beverly) joined an insightful ACTION Innovation Network meeting last week at MBI with Massachusetts Undersecretary of Economic Strategies Sarah Stanton (fifth from left). The group discussed incubators' pivotal role for startups beyond Boston and Cambridge.

Available April 2024 - 15,000 SF lab and office space at 8 Cabot Road in the Woburn life sciences cluster. Join established and emerging biotechnology companies just off I-95 near the I-93 interchange. The area features numerous dining and shopping amenities, including the nearby Woburn Village lifestyle center and Anderson Regional Transportation Center.

Contact John Halsey at jrh@cummings.com or 781-932-7039 for details.

Key features include:

• Two 6' fume hoods
• Ceiling-mounted electrical feeds
• Two lab sinks with point-of-use acid neutralization tanks
• Emergency shower/eyewash station
• BL2 compliant construction with vinyl-faced ceiling tiles, epoxy-painted walls, and VCT floor
• R&D area

On Thursday, three Cummings clients will participate in the second annual North Shore Technology Council Women in Technology Forum. This year's theme is "Women on a Mission: Technology for the Greater Good" and will feature a keynote by Erika Angle, CEO of Ixcela, and a panel discussion with Kerry Love, CEO of public benefit corporation Sunflower Therapeutics (200 Boston Avenue, Medford), Donna Brezinski, CEO of Little Sparrows Technologies (70 Cummings Park, Woburn), and Ioana Knopf, founder and CEO of Arrakis Materials (100 Cummings Center, Beverly). West Hill Technology Counsel (900 Cummings Center, Beverly) founding attorney Louise Leduc Kennedy will serve as moderator. Thursday, October 19, 5:00 - 8:00 PM at Fernwood Country Club, Danvers. Register.

We look forward to joining our friends at FORGE (a 2023 Cummings Foundation grant recipient) for the Fall Startup Showcase, to be held Wednesday, October 25 at Dassault Systèmes (175 Wyman Street, Waltham). It will be an exciting evening of networking, startup tabletop demonstrations, a startup pitch competition, and prizes. Come meet the innovators, see the latest prototypes and products, and cast your vote for the winning startups.

On Thursday, November 9, MassBio will host the 2023 Patient Advocacy Summit, showcasing the role and the work that patient advocates do every day to ensure that patients are front and center in the drug development cycle. 9:00 AM - 6:00 PM, MassBioHub, 700 Technology Square, Cambridge. Register.