MassDevelopment.com: Press Room: MassDevelopment Financing Package Supports Hyaluron, Inc. Expansion in Burlington

MassDevelopment Financing Package Supports Hyaluron, Inc. Expansion in Burlington
Company Plans to Expand Workforce by 50 Percent
February 28, 2006

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Rebecca Butler, Hyaluron Inc., 781-270-7900

MassDevelopment today announced a $1,500,000 financing package for Hyaluron, Inc. The medical device company is using a $1,000,000 low-interest loan from the agency's emerging technology fund along with a $500,000 export loan guarantee to purchase state-of-the-art pharmaceutical packaging equipment and construct additional clean room space at its Burlington, MA facility. Hyaluron officials anticipate creating 23 new high-tech manufacturing jobs once build-out is complete, with a likelihood of additional job growth in the coming years.

"This financing package shows how companies can take advantage of more than one MassDevelopment finance program to realize savings that positively impact their bottom lines," said Robert L. Culver, MassDevelopment president/CEO. "High-tech firms like Hyaluron make up a critical component of the state economy, and our export sector is booming too. I'm pleased this financing will help Hyaluron expand its business overseas, while creating quality jobs for local workers here in Massachusetts."

Founded in 1999, Hyaluron, Inc. specializes in aseptic manufacturing, which involves the sterilization of injected or implanted medical products prior to their use. Hyaluron's new equipment will provide a significant value-add to its in-house operations, by enabling the firm to freeze dry its clients' products prolonging shelf life, overall yield and client profitability.

"When we learned of an opportunity to purchase this equipment at a great price, we knew we had to move fast," said Dr. Shawn D. Kinney, Hyaluron president/CEO. "MassDevelopment processed our application expeditiously, so we were able to close on our new equipment and take advantage of low-interest financing to support our growth into foreign markets. Thanks to this partnership, Hyaluron clients will benefit from an even higher quality product and level of service than ever before."

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 in construction.