US Biological to Build Manufacturing Facility in Salem with Help From $2.33 Million MassDevelopment Bond
January 27, 2011
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
MassDevelopment has issued a $2.33 million bond on behalf of USB Capital LLC, an affiliate of United States Biological Corporation in Marblehead, which serves the life sciences industry. The company will use bond proceeds to purchase a site and build an 81,000-square-foot manufacturing/office facility in the Salem Industrial Park. US Biological currently leases space in Marblehead. The bond is coupled with a $1 million conventional loan from the National Grand Bank of Marblehead, which also purchased the bond.
“We're pleased to help US Biological, which supplies an important industry in Massachusetts, by funding this project,” said MassDevelopment President and CEO Robert L. Culver. “The financing package will help US Biological devote operating capital to grow, hire employees, and equip its new facility.”
The financing is enhanced by a MassDevelopment mortgage insurance guaranty. This project will allow US Biological to create five jobs in the area.
“We are looking forward to our move to Salem,” said US Biological President Warren Shore. “The increased space will allow more room for state-of-the-art facilities for extended protein manufacturing and for in-vitro diagnostics, as well as for research related activities. This will help us better serve our worldwide customers and it will also allow us lots of room for future growth and the creation of more local jobs.”
US Biological has more than 100,000 products that it offers to its customers, which include leading pharmaceutical, biotechnology, and research institutions in the United States and abroad. Those products include biochemicals, antibodies, recombinant proteins, cell culture media, and molecular biology kits used in a variety of scientific applications and settings, such as genomic research, biotechnology, pharmaceutical development, and the diagnosis of human diseases.
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.