News Summary
The Rhode Island Life Science Hub has appointed Dr. Mark A. Turco as its first President and CEO while announcing nearly $1 million in funding for six innovative companies. The Hub is working to establish Rhode Island as a key player in the life sciences sector, with strategic initiatives aimed at fostering economic growth and innovation in the state. Dr. Turco, with over 25 years of experience in medical technology and clinical medicine, is expected to drive the Hub’s mission of creating a diverse scientific ecosystem in Rhode Island.
Rhode Island Life Science Hub Appoints Dr. Mark A. Turco as First President and CEO
The Rhode Island Life Science Hub has awarded nearly $1 million in new funding to six innovative companies, as part of its commitment to fostering economic growth and innovation in the state. This announcement, made on Thursday, marks a significant milestone in the Hub’s ongoing efforts to shape Rhode Island into a thriving center for life sciences.
The Hub also introduced Dr. Mark A. Turco as its first President and CEO, a position requiring final board approval of a contract and confirmation by the Rhode Island State Senate. Dr. Turco, who brings over 25 years of executive experience in medical technology, clinical medicine, academic research, and innovation, previously led two cardiovascular technology firms, including Boston’s Cardiac Implants LLC and JC Medical.
Dr. Turco’s annual salary for the CEO role will be $400,000, reflecting the demands of this high-profile position. His leadership experience is expected to drive the Hub’s ambitions as it seeks to create a diverse medical and scientific ecosystem in Rhode Island.
Funding to Boost Local Businesses
In line with the funding announced, the Rhode Island Life Science Hub aims to solidify the state’s presence in the life sciences sector. The nearly $1 million allocated to six companies is part of a broader strategy to encourage job growth and economic development through investments in resources and talent.
Additionally, the Hub encompasses Rhode Island’s first life science incubator—an initiative supported by a $10 million investment from Brown University and the I-195 Commission, slated to open in December 2025.
A Year of Progress for the Life Science Hub
The establishment of the Life Science Hub is a product of the collaborative efforts of the Rhode Island General Assembly and Governor Dan McKee, who allocated $45 million in investments in 2023. The Hub has already convened over 500 industry leaders at its inaugural summit, illustrating strong engagement within the community.
In addition to the recent funding, the Hub launched a $250,000 Small Grant Fund, which has positively impacted the local landscape by awarding over $227,000 to eligible businesses. Furthermore, an additional $20 million in special grant funding has been approved specifically to support innovation, workforce development, and business growth in the life sciences sector.
Looking Ahead
The Life Science Hub’s strategic initiatives, including Dr. Turco’s leadership and the significant funding awarded, signal a transformative opportunity for Rhode Island. The Hub aims to position the state as a nationally recognized center for life sciences innovation, leveraging its top-tier academic institutions and health care systems.
The search for a full-time president was prioritized following the establishment of the Hub’s board of directors in January 2023. Dr. Patrice Milos temporarily served in the leadership role until Dr. Turco’s recent appointment.
With these developments, the Rhode Island Life Science Hub is poised to play a pivotal role in advancing the life sciences sector, paving the way for future growth, innovation, and economic prosperity across the state.
Deeper Dive: News & Info About This Topic
- PBN: Rhode Island Life Science Hub Awards $1M to Local Companies
- Rhode Island Current: Med-Tech Innovator Chosen to be First CEO of Rhode Island Life Science Hub
- PR Newswire: Rhode Island Life Science Hub Board Selects Medical Innovator as Inaugural President and CEO
- Business Wire: MindImmune Awarded Grant to Accelerate IND-Enabling Studies through Rhode Island Life Science Hub
- Wikipedia: Rhode Island
