News: MassDevelopment, Middlesex Savings Bank Loan Supports Hyaluron, Inc. Expansion in Burlington
Project Will Result in Creation of 30 New Jobs
MassDevelopment and Middlesex Savings Bank today announced a $1,000,000 low-interest loan to Hyaluron, Inc (Hyaluron Contract Manufacturing [HCM]). The pharmaceutical biotech service company will use the funds to expand clean room and manufacturing space at its Burlington, MA headquarters, as well as to purchase back-up systems for its electrical, HVAC, and mechanical infrastructure.
Specifically, the loan combines a $500,000 direct investment by lead lender Middlesex Savings Bank, along with a $500,000 direct investment from MassDevelopment supported by a 50 percent ($250,000) loan guaranty through MassDevelopment’s Export Loan Guaranty Fund. Hyaluron officials anticipate creating 30 new high-tech manufacturing jobs in the year following the completion of the build out inQ2 2007.
"Hyaluron’s impressive growth highlights the remarkable potential of the state’s emerging technology sector for job creation and investment in the economy," said Robert L. Culver, MassDevelopment President and CEO. "That’s why it’s important to support businesses like Hyaluron with flexible, low-cost financing."
Founded in 1999, Hyaluron, Inc. provides aseptic manufacturing services, involving the formulation and filling of syringes and vials in a sterilized environment prior to their use in a variety of clinical and therapeutic applications. In December 2005, Hyaluron utilized a MassDevelopment Emerging Technology Fund loan to purchase freeze-drying equipment enhances the stability, thereby prolonging the shelf life of clients’ products. As a result of its capital improvements, the company has experienced significant growth during the past two fiscal years.
"It is our goal at Hyaluron to improve the safety and effectiveness of the products we work with to benefit our clients’ end user," said Dr. Shawn Kinney, Hyaluron, Inc. President and CEO. "Thanks to Middlesex Savings Bank and MassDevelopment for working with us to structure this dynamic financing package."
"It has been rewarding working with Shawn Kinney and Hyaluron as they have grown over the last seven years," noted David Shorey, Senior Vice President at Middlesex Savings Bank. "Companies like Hyaluron are the life-blood of the economy, and demonstrate the productive partnership that can be forged between a company and its bank. Middlesex Savings Bank is pleased to have partnered with Roy Angel of Mass Development in providing this financing to assist Hyaluron’s continued growth and success."
Middlesex Savings Bank is a mutual savings bank that has been serving businesses and consumers in Eastern and Central Massachusetts since 1835. With assets in excess of $3 billion, the bank has the capacity and resources to provide a full array of business and consumer products and services through its business banking centers and retail branch network. With a reputation for unparalleled customer service, the bank has grown to become one of the largest banks in the Commonwealth, with a cadre of seasoned bankers focused on small and medium-sized businesses.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. Between FY 2004 and FY 2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.
