ECI Biotech Receives MassDevelopment Emerging Technology Loan
June 2, 2011
ECI Biotech (ECI), an innovative developer and manufacturer of the patented ExpressDetect® rapid infection sensors that will ultimately transform the way pathogens are detected in professional and OTC markets, announced that it has received a $630,000 development loan from the MassDevelopment Emerging Technology Fund (ETF).
The ETF targets technology-based businesses that are starting or expanding manufacturing in Massachusetts. The Fund focuses on companies that are ready to transition from research and development to production, providing loans for manufacturing facilities or equipment.
“We are pleased to accept the financial support we have received from the MassDevelopment ETF, which will help us proceed down the path to commercialization of our ExpressDetect® technologies. We feel privileged to be a part of this unique initiative that supports innovation,” said Dr. Mitchell Sanders, CEO and Founder of ECI Biotech. “We appreciate the confidence that MassDevelopment has shown towards our innovation and growth and are grateful for its support.”
By leveraging ECI’s total private and public financing of approximately $21.3M, the MassDevelopment ETF loan provides support to ECI during a critical stage of its development cycle. The loan will enable ECI to achieve milestones in manufacturing, capital equipment, and human resource investments, collectively assisting ECI through a worldwide regulatory process and bringing to the marketplace its cuttingâ€“edge, patented ExpressDetect® sensors.
“ECI Biotech has developed innovative methods of detecting infection and providing the medical field with tools to improve patient care,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment proudly supports ECI's work and its expansion in Worcester.”
About ECI Biotech
Founded in 1998, ECI Biotech is a developer of affordable diagnostic sensors trademarked as ExpressDetect®. ECI has developed technology targeted at prognosing chronic and acute wound infections that include a dressing sensor and a rapid point of care diagnostic. ECI has corporate partnerships in the areas of wound care, oral care, orthopedics, surgical and infection control. If you’re interested in partnering with ECI, visit www.ecibiotech.com.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.