Cell Signaling Technology of Beverly, Massachusetts, is making plans to further renovate a former 85,000-sq.-ft. biolab into an $18 million R&D production facility expected to create 100 jobs within five years, according to a story by The Salem News. Construction could be completed by winter 2012; however, the company has indicated it needs tax breaks to help make the project a reality. President/CEO Michael Comb said his business is growing, "and we need more space. We've pretty much filled up our facility here at Trask Lane."
Cell Signaling produces antibodies used to decode cell signaling abnormalities that are behind illnesses such as cancer, diabetes and neurodegenerative diseases. In addition to 280 workers at its headquarters, it employs 370 other associates worldwide.
Mayor Bill Scanlon of Beverly has asked his City Council to give Cell Signaling a tax break. "The real benefit to them is from the state," he noted. State-sponsored assistance could include an investment tax credit (of up to 5 percent) on the cost of the company's renovations and new equipment.
Cell Signaling officials have said their firm already has saved $1.5 million on its state income taxes and $26,000 on property taxes thus far under a 2006 incentives agreement, reported The Salem News.