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MicroTest Laboratories Awarded ETF Loan to Expand Agawam Manufacturing Facility
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Company to Create 49 High-Tech Manufacturing Jobs September 7, 2005 Contacts: Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com Janet Hookailo, 617-330-2018 or jhookailo@massdevelopment.com MassDevelopment today announced an $800,000 Emerging Technology Fund loan and a $370,000 mortgage insurance guaranty to MicroTest Laboratories Inc. and MicroTest Properties, LLC of Agawam. The company, which provides laboratory and environmental testing services to the medical device, pharmaceutical and biotechnology industries, will use the funds to expand its manufacturing and new virology laboratory facility, upgrade utilities and purchase new equipment to accommodate its growth into the biopharmaceutical product testing and manufacturing business. "MicroTest is proving to out-of-state companies that manufacturing in Massachusetts is a growth industry that is alive and well" said Robert L. Culver, MassDevelopment president/CEO. "We encourage more companies that are pursuing cutting edge technology like MicroTest to take advantage of the many financing products that MassDevelopment has to offer." MicroTest's manufacturing process involves taking clinical volumes of purified bulk drugs, and then aseptically filling them into smaller vials. To accommodate the growth of this fill-finish business, MicroTest will use the funds to increase its manufacturing facility to include future suite planning, as well as a new virology testing laboratory and office space. "Clinical scale fill-finish has proven to be a viable, niche business for MicroTest," said MicroTest CEO Steven Richter. "Having the ability to tap into funds offered by the state's Emerging Technology Fund provides us the financial strength to maximize our chance for further growth in this area while enabling us to contribute to the local economy through job creation." Administered by MassDevelopment, the Commonwealth's $25 million Emerging Technology Fund provides loans and guarantees for facilities and specialized equipment for technology-based companies. To date, the fund has supported seven projects totaling $8.9 million in investment, another $58 million leveraged, the creation of more than 300 high-tech manufacturing jobs, and the retention of an additional 262 jobs statewide. MicroTest currently employs 89 local residents and is expected to create an additional 49 jobs when expansion efforts are completed. MassDevelopment, the state's finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth. In fiscal year 2004, the agency arranged financing for or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts.
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