Hyaluron to Expand its Burlington, Massachusetts Facility

Hyaluron to Expand its Burlington, Massachusetts Facility
2/14/2007
Expansion Management
BURLINGTON, Mass. (February 14, 2007) ? The company will receive a $1 million low interest loan to expand clean room and manufacturing space.
Hyaluron, Inc (Hyaluron Contract Manufacturing), a pharmaceutical biotech service company, will receive a $1 million low interest loan to expand clean room and manufacturing space at its Burlington, Mass., headquarters, as well as to purchase back-up systems for its electrical, HVAC and mechanical infrastructure.
The loan combines a $500,000 direct investment by lead lender Middlesex Savings Bank, along with a $500,000 direct investment from MassDevelopment, the state?s finance and development arm, 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 in Q2 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/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.
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.
Copyright ? 2007 Penton Media, Inc. & Expansion Management magazine.