Masy Systems of Pepperell Constructs Biopharma Storage Facility with MassDevelopment Equipment Loan
September 24, 2009
MassDevelopment today announced the provision of a new $700,000 Equipment Loan for Masy Systems, Inc. of Pepperell. The loan provides long-term capital to enable the company to purchase and install environmental chambers for the development of a new biopharma storage facility in Pepperell. Masy provides chain-of-custody secure storage for biological and pharmaceutical ingredients and clinical samples at refrigerated, freezer, ambient, and stability conditions. The project is expected to result in the creation of five new jobs at Masy Systems, which now employs 38 people.
“From Worcester to Devens to Pepperell, the Commonwealth has a growing life-sciences cluster in Central Massachusetts,” said Robert L. Culver, MassDevelopment President and CEO. “This financing transaction represents an optimal merging of the old and the new economies: Masy Systems is a small locally-owned company doing business for a quarter of a century working with biotechnology companies and pharmaceutical clients both within the Commonwealth and around the world.”
“Masy Systems is pleased to have qualified for MassDevelopment funding” said Laurie Masiello, Masy Systems, Inc. President and CEO. “Our biopharma storage facility complements the services we provide to our existing customers and will foster relationships with new customers. We appreciate the opportunity to continue to grow in Pepperell, where we have made our home for over 30 years.”
Founded in 1984, Masy Systems provides validation services, calibration, and equipment-rental services to biotech, life-science, and pharmaceutical companies in North America and beyond. Current customers include Amgen, Biogen, Boston Scientific, Bristol-Myers Squibb, Merck, Pfizer, and Wyeth. The company employs 38 people at its newly expanded facilities at 10 Lomar Park Drive in Pepperell.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. During FY2008, MassDevelopment financed or managed 265 projects statewide representing an investment of more than $3 billion in the Massachusetts economy. These projects are supporting the creation of 4,001 housing units and more than 10,384 jobs: 5,424 permanent and 4,960 construction-related.