$1.5M for Jobs & Growth at Beeken Biomedical
Stoughton Manufacturer of Bleeding Control Products Uses Loan from MassDevelopment’s Emerging Technology Fund to Create Jobs, Expand Inventory Ahead of New Product Launch
August 19, 2021
Matthew Mogavero, 857-248-0868
Richard Kendall, Beeken Biomedical
STOUGHTON, Mass. – MassDevelopment has provided a $1.5 million loan from the Emerging Technology Fund (ETF) to Beeken Biomedical, LLC, a Stoughton-based life sciences company that commercializes products that advance the field of bleeding control. Beeken will use proceeds 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.
“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.”
“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.”
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. The ETF has closed 63 loans and guarantees totaling $94.4 million through December 31, 2020.
Founded in 2010, Beeken Biomedical, LLC manufactures and distributes life-saving, bleeding control products throughout the United States under the brand name NuStat®. The company’s proprietary NuStat® technology is widely used in operating rooms, emergency rooms, and public safety markets including schools, law enforcement, and EMS. The company is among the first to receive U.S. Food and Drug Administration 510K clearance to market its NuStat® XR products for internal surgical use to treat severe open-organ-space bleeding. This highly regarded FDA clearance will allow Beeken to be a leader in surgical hemostasis, which fills a critical unmet need when treating trauma patients in surgery to control life-threatening bleeding.
“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, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.