Beeken Biomedical Expands Stoughton, Massachusetts, Operations
According to state officials, Beeken will use proceeds from MassDevelopment’s $1.5 million Emerging Technology Fund loan to hire additional employees and buy inventory to support its projected growth over the next two years, as the company prepares to launch new products for surgical use.
“We are fortunate to be a recipient of MassDevelopment’s Emerging Technology Fund which will allow us to expand our reach into the hospital and public safety markets with our life-saving hemostasis technology,” said Beeken Biomedical President and CEO Richard Kendall. “This funding will accelerate our hiring initiatives within the highly talented Massachusetts life science community. We look forward to expanding our footprint in Massachusetts through hiring top-tier Massachusetts talent. Additionally, the funding will allow the company to purchase sufficient inventory to support our highly anticipated surgical product launch.”
MassDevelopment’s ETF provides low-cost, long-term venture debt to early-stage, emerging technology companies. Since its creation in 2003, the ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy.
“MassDevelopment’s Emerging Technology Fund is an important resource for cutting-edge technology businesses looking to locate or grow their operations in Massachusetts,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “Our ability to support businesses with this infusion of capital helps position the state as a desired location for some of the most innovative companies in the field.”
Beeken Biomedical is a medical device company dedicated to the advancement of bleeding control. The company is focused on the development, licensing and commercialization of wound care products. It’s innovative Hemafiber™ enables first responders and hospital patient care providers to rapidly control bleeding by using the NuStat® products to establish hemostasis and stability to patients.
“Helping Beeken Biomedical advance development of its life-saving technology and add high-quality jobs in Stoughton is a real win-win for Massachusetts,” said MassDeveloment President and CEO Dan Rivera. “MassDevelopment is proud to support Beeken’s growth as the company keeps its place within the Commonwealth’s world-class life sciences ecosystem.”
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