MassDevelopment provided $1.4 million in loans to Masy Systems, Inc. of Pepperell, Massachusetts, for the purchase and installation of a state-of-the-art, environmentally-controlled storage facility for Masy’s customers in the biotechnology, pharmaceutical and life sciences industries.
“This expansion was driven by customer demand,” said Laurie Masiello, Masy Systems, Inc. President. “Our growth has come from not only new customers, but our existing customers asking us to do more. It is gratifying that they place their trust in us to safeguard their products in the conditions they require.”
The company used this new financing to expand its biorepository facility space six-fold, the majority of which will be used for -75° Celsius storage so that area companies and research institutions can maintain key biologic compounds used in research and development. The loan was underwritten through the SBA 504 program with the services of BDC Capital of New England as the conduit lender for the subordinate debenture portion of the loan.
In 2009, MassDevelopment provided $700,000 in financing for the first phase of its biorepository. The latest expansion will make the Masy facility one of the largest commercial biorepositories in the Northeast. The company, which has grown an average of 30 percent per year for the last five years, plans to add at least seven new jobs with this facility expansion, bringing their total employment level in Pepperell to over 60 people.
“Watching one of our clients grow is always exciting, but investing in its new expansion is even more satisfying,” said MassDevelopment President and CEO Marty Jones. “Masy Systems provides valuable services to the Commonwealth’s vibrant life sciences and biopharmaceutical industry sectors. This project will seek to enhance and complement those services and provide valuable space to their customers and partners.”