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Renamed Biologics Secures Additional Funds to Support Massachusetts Move
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MassDevelopment ETF Loan will Reinforce Manufacturing for Company June 19, 2006 Contacts: Courtney Harris, Feinstein Kean Healthcare, 617-761-6744 Adam Bickelman, MassDevelopment, 617-330-2086 Lincoln, RI, and Boston, MA - RenaMed Biologics, Inc., MassDevelopment, and the Massachusetts Biotechnology Council (MBC) today announced that RenaMed will receive a $2.3 million loan from the Commonwealth's Emerging Technology Fund (ETF). Lincoln, RI-based RenaMed recently announced it has leased a facility in Westborough, MA to serve as its headquarters and commercial manufacturing facility for its Renal Bio-Replacement Therapy for Acute Renal Failure (ARF). The company is expected to relocate to the Westborough facility in the latter half of 2006. "We're very pleased that RenaMed has decided to come to Massachusetts to capitalize on our skilled work force, world-class high-tech clusters and competitive per-square-footage and housing costs along the I-495 corridor," said Robert L. Culver, MassDevelopment president/CEO. "Governor Romney and I welcome RenaMed to Massachusetts," said Deborah Shufrin, director for the administration's Department of Business & Technology. "The state's Office of Business Development and partners like MassDevelopment and the Massachusetts Biotechnology Council are committed to helping more companies like RenaMed expand and add jobs in the Commonwealth." RenaMed is developing Renal Bio-Replacement Therapy (RBT) intended to replace lost kidney functions in patients with ARF and bridge them to recovery. To meet this goal, the product uses physiologically active human renal epithelial cells incorporated in a hollow-fiber cartridge that is administered ex vivo. The RBT works in conjunction with current therapy and fits into the standard hospital ICU modality. RenaMed will use the ETF loan to implement commercial manufacturing operations. "Massachusetts has become a prime location for successful new biotechnology company growth, and RenaMed's decision to come here provides further validation of our attractiveness," said Tom Finneran, Massachusetts Biotechnology Council president. "Along with the state's robust scientific environment, our welcoming business climate is a key reason why life sciences companies are moving to Massachusetts." "RenaMed has achieved significant milestones over the last year bringing about considerable corporate expansion. Massachusetts offers the right combination of support infrastructure, biotech-trained workforce, network of academic and research institutions, and other life sciences corporations to help nurture this expansion and future success," said Gregory Phelps, RenaMed chairman and CEO. "We are looking forward to 2006 milestones, such as further positive clinical data and additional private financing, to support the continued development of our lead product and expansion of our pipeline into additional indications." In September of 2005, RenaMed entered into a strategic collaboration with Cambridge-based Genzyme Corporation for the joint development and commercialization of RBT. The company also presented positive phase II data at the American Society of Nephrology (ASN) meeting in the same year. The Westborough facility offers in excess of 100,000 sq. ft. of manufacturing space on 39 acres of land. The facility has excellent clean room infrastructure and is well situated to the increasing operational needs of the company. About the Emerging Technology Fund Capitalized by the Massachusetts State Legislature in 2004, the Emerging Technology Fund helps technology-based businesses to relocate and expand in the Commonwealth. Administered by MassDevelopment, the $25 million fund provides companies like RenaMed with loans and guarantees for facilities and specialized equipment. To date, nine companies have received more than $9,500,000 in ETF financing, resulting in the creation of 210 jobs. Four additional loans have been approved by the agency's board of directors totalling $9,200,000 in low-interest financing. When final, these four projects will result in the creation of 620 additional jobs in the next five years. About RenaMed Biologics RenaMed Biologics, Inc. is the leading clinical stage company focused on the development of proprietary Bio-Replacement Therapies for critical disease states involving severely compromised kidney function. The company's lead product is intended to replace the cellular biologic functions of the kidney that are lost in patients with acute renal failure. The product utilizes physiologically active human renal epithelial cells, administered ex vivo in a hollow fiber cartridge. Renal Bio-Replacement Therapy works in conjunction with existing hemofiltration systems and is designed to provide comprehensive kidney function support. Renal Bio-Replacement Therapy is intended to dramatically improve the clinical outcomes and cost of care for patients suffering from ARF. For more information, please visit www.renamedbio.com. About MassDevelopment 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. About the Massachusetts Biotechnology Council The Massachusetts Biotechnology Council (MBC), founded in 1985, is a non-profit organization that provides services and support for the Massachusetts biotechnology industry. The MBC is committed to advancing the development of critical new science, technology and medicines that benefit people worldwide. Representing over 400 companies, academic institutions and service organizations involved in biotechnology and healthcare, the MBC works with public leaders to advance policy and promote education, while providing member programs and services.
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