Billerica's Lexington Medical Inc. Expands with $2.5 Million Emerging Technology Fund Loan
March 13, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Leon Amariglio, Lexington Medical Inc., 617-209-9817
MassDevelopment has provided a $2.5 million Emerging Technology Fund loan to Lexington Medical Inc., a developer of abdominal surgical devices in Billerica. The company will use the loan to help finance its expansion into an 8,000-square-foot facility at 11 Executive Park Drive in Billerica. Lexington Medical will use loan proceeds to install a clean room in the new facility, and to buy customized equipment and materials for developing and producing general surgery medical devices. The company estimates this project will create 65 jobs.
“The Emerging Technology Fund provides financing for growing high-tech companies in the Commonwealth, and MassDevelopment is pleased to support Lexington Medical as it expands in Billerica,” said MassDevelopment President and CEO Marty Jones. “This loan will help the company buy equipment and materials essential to its manufacturing process and add dozens of jobs to the region.”
Lexington Medical Inc., based in Billerica, is a private, development-stage medical device company that launched in 2013 and is led by experienced medical device professionals with a track record of delivering successful medical device products. The company aims to create a disruptive business model for developing, producing, and selling medical devices for abdominal surgical procedures, such as cholecystectomy, bariatric surgery, colectomy, appendectomy and hysterectomy. Lexington Medical plans to expand to other single-use device areas in the near future.
“We are very excited MassDevelopment approved this loan, which adds to our venture capital equity funding and will enable us to commercially launch a portfolio of devices,” said Leon Amariglio, Founder and CEO of Lexington Medical. “We founded Lexington Medical to deliver best-in-class devices and help healthcare providers deliver quality care at lower costs. This financing helps us move one step closer to fulfilling that mission.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.