Lincoln, R.I.,-based RenaMed recently announced it has leased a facility in Westborough, Mass., to serve as its headquarters and commercial manufacturing facility for its Renal Bio-Replacement Therapy for Acute Renal Failure (ARF). RenaMed Biologics, Inc. will receive a $2.3 million loan from the Massachusetts Emerging Technology Fund (ETF). The company is expected to relocate to the Westborough facility in the latter half of 2006.
RenaMed is developing Renal Bio-Replacement Therapy (RBT) intended to replace lost kidney functions in patients with ARF and bridge them to recovery. To meet this goal, the product uses physiologically active human renal epithelial cells incorporated in a hollow-fiber cartridge that is administered ex vivo. The RBT works in conjunction with current therapy and fits into the standard hospital ICU modality. RenaMed will use the ETF loan to implement commercial manufacturing operations.
"Massachusetts has become a prime location for successful new biotechnology company growth, and RenaMed's decision to come here provides further validation of our attractiveness," said Tom Finneran, Massachusetts Biotechnology Council president. "Along with the state's robust scientific environment, our welcoming business climate is a key reason why life sciences companies are moving to Massachusetts."
"RenaMed has achieved significant milestones over the last year bringing about considerable corporate expansion. Massachusetts offers the right combination of support infrastructure, biotech-trained workforce, network of academic and research institutions, and other life sciences corporations to help nurture this expansion and future success," said Gregory Phelps, RenaMed chairman and CEO. "We are looking forward to 2006 milestones, such as further positive clinical data and additional private financing, to support the continued development of our lead product and expansion of our pipeline into additional indications."
In September of 2005, RenaMed entered into a strategic collaboration with Cambridge-based Genzyme Corporation for the joint development and commercialization of RBT. The company also presented positive phase II data at the American Society of Nephrology (ASN) meeting in the same year. The Westborough facility offers in excess of 100,000 square feet of manufacturing space on 39 acres of land. The facility has excellent clean room infrastructure and is well situated to the increasing operational needs of the company.
Capitalized by the Massachusetts State Legislature in 2004, the Emerging Technology Fund helps technology-based businesses to relocate and expand in the Commonwealth. Administered by MassDevelopment, the $25 million fund provides companies like RenaMed with loans and guarantees for facilities and specialized equipment.
To date, nine companies have received more than $9,500,000 in ETF financing, resulting in the creation of 210 jobs. Four additional loans have been approved by the agency's board of directors totalling $9,200,000 in low-interest financing. When final, these four projects will result in the creation of 620 additional jobs in the next five
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