MassDevelopment.com: Press Room: MassDevelopment Partnership Supports Blackstone Medical, Inc. Expansion in Springfield

MassDevelopment Partnership Supports Blackstone Medical, Inc. Expansion in Springfield
May 18, 2004

Contacts:
Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com
Janet Hookailo, 617-330-2018 or jhookailo@massdevelopment.com
Michael Graney, SBDC, 413-781-1591

MassDevelopment today announced the closing of a $500,000 construction to permanent mortgage loan to Springfield Business Development Corporation. SBDC will use the funding to renovate a building currently leased to Blackstone Medical, Inc. The renovations are critical to accommodate the medical device maker's planned expansion after a record year in which the company's revenue stream nearly doubled.

"This deal is a sign that the Massachusetts medical device industry is poised for growth and ready to make reinvestment in the state's economy," explained Robert L. Culver, MassDevelopment president/CEO. "The MassDevelopment team is pleased to partner with Springfield Business Development Corporation to help Blackstone Medical, Inc. expand and prosper in Massachusetts."

Blackstone Medical, Inc. develops and markets precision spinal implants and instruments for use during spinal surgery. Blackstone Medical officials estimate the firm's expansion initiative will result in the creation of roughly 30 new jobs.

"The real heroes of this deal are the people at Blackstone Medical, Inc. The company's expansion in Springfield demonstrates its commitment to both the Massachusetts medical device industry and the state's western regional economy," said Michael Graney, president of Springfield Business Development Corporation.

"The spirit of cooperation between the City of Springfield and Blackstone Medical remains the cornerstone of the achievements accomplished by our company the last few years in the highly competitive spinal marketplace," said Matthew Lyons, president/CEO of Blackstone Medical. "The renovations to our corporate offices will give more space to customer service, quality control and our newly created osteobiologic technical group. With increased IT capabilities, we will be able to communicate more effectively internally as we continue to expand throughout the United States and the world with a full line of spinal products."

MassDevelopment is the state's economic development authority, working with businesses and local officials to provide the financial tools and real estate expertise needed to stimulate economic growth across the state of Massachusetts. In fiscal year 2003, MassDevelopment financed $860 million in projects statewide, resulting in the creation of over 5,300 jobs, the retention of nearly 26,000 jobs, and 4,000 new housing starts.

SBDC is a private, not-for-profit development corporation affiliated with the Economic Development Council of Western Massachusetts. SBDC's mission is to create jobs in, and improve the tax base of, Springfield, Massachusetts.