New quasi-public corporation will be the central entity for coordinating the organization of life science initiatives on behalf of the McKee Administration
PROVIDENCE, RI – Surrounded by leaders from across local government and the life science industry, Governor Dan McKee today announced that he is appointing Neil Steinberg to chair of the board of the new Rhode Island Life Science Hub. The Governor was joined by House Speaker K. Joseph Shekarchi and Rhode Island Commerce Secretary Liz Tanner for this exciting announcement.
“In my State of the State address, I said that Rhode Island was ready to become a leader in the life science industry. Today’s announcement brings us one step closer to reaching our full potential in this growing field,” said Governor Dan McKee. “In our last budget, we made a $45 million life science investment to help attract biotechnology companies from around the world. I am proud to nominate Neil Steinberg to a crucial new position that will help guide the state’s strategy as we become a hub for good-paying jobs, innovative technologies, and steady economic development in the life science industry.”
“I applaud Governor McKee for making the outstanding selection of Neil Steinberg as chairman of the Rhode Island Life Sciences Hub,” said Speaker K. Joseph Shekarchi. “We are fortunate to have someone as dynamic as Neil, who possesses all the skills we need as board chair. This is a pivotal position in guiding the state’s growth and development in the bioscience arena. Neil has an extensive professional network and he is committed to building a strong economic future for the bioscience sector in our state.”
Created in the FY24 RI Ready budget, the Rhode Island Life Science Hub will be the central entity and coordinating organization of life science initiatives on behalf of the State of Rhode Island. In addition to this new public body, the FY24 budget also includes Governor’s McKee’s proposal to invest $45 million in the life science sector for the development of much-needed wet lab incubator spaces. These funds would also be used to support grants, loans, business development and incubation services to grow this sector.
I want to thank the Governor for his commitment and leadership, along with Speaker Shekarchi, in creating the Rhode Island Life Science Hub and providing the initial $45 million to fund this exciting initiative. There is a great deal of potential here. Utilizing my experience, network, and leadership we will work collaboratively and inclusively to grow and build this sector in Rhode Island,” said Neil Steinberg.
As Chair of the Rhode Island Life Science Hub, Steinberg would lead a board of 15 individuals with experience in health care, higher education, business, economic development and more. It is also anticipated that the Board will hire a senior level executive to lead the day-to-day operations.
“I applaud Governor McKee’s nomination of Neil Steinberg as Chairperson of the new Life Sciences Hub. Neil has long been an advocate for life science industry growth in Rhode Island,” said RI Commerce Secretary Liz Tanner. “His background in banking and fundraising make him an ideal leader to help secure future investments that will stimulate the industry, bringing us closer to achieving long term economic success.”
The Rhode Island Life Science Hub will also facilitate the development of medical advances and scientific breakthroughs with companies who specialize in the fields of medical devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics and life sciences. Through targeted investments of grants, tax credits, and incentives, the Rhode Island Life Science Hub will fund and incubate Rhode Island-based life science companies that will promote economic and workforce development within the state and allow Rhode Island to successfully compete on the national and international level.
The Governor’s appointment will be sent to the Rhode Island Senate for advice and consent.