Massachusetts Life Sciences Center Awards $500,000 Loan to Wolfe Laboratories for the Addition of Aseptic Fill/Finish Program
BOSTON, MA – (BUSINESS WIRE) – May 5, 2009 – The Massachusetts Life Sciences Center (MLSC) announced that it has awarded Wolfe Laboratories, Inc. (WLI), a biopharmaceutical development company located in Watertown, MA, a $500,000 loan to construct the first stage of an aseptic fill/finish manufacturing facility for pre-clinical development and clinical trials. MLSC’s Accelerator Program provides loans of up to $500,000 to early-stage companies engaged in life sciences research and development, commercialization, and manufacturing. Out of a total of eighty-eight applications up for consideration, the MLSC announced the awarding of $3.4 million in loans to seven early-stage life sciences companies in Massachusetts, WLI being one of those seven. The six other companies include: Eutropics Pharmaceuticals, Good Start Genetics, InVivo Therapeutics, Pluromed, Spectra Analysis, and Wadsworth Technologies.
“Wolfe Laboratories is a great company with a solid plan for expansion of both services and employment, and we are pleased to have them in our investment portfolio,” said MLSC President and CEO, Dr. Susan Windham-Bannister. “These initial investments in the Center’s Accelerator portfolio reflect our commitment to early-stage companies working to produce therapies that will improve the human condition and address unmet medical needs. The Accelerator Program aligns with MLSC’s mandate to ensure that Massachusetts maintains and strengthens its global leadership position in the life sciences sectors, spurring economic development, and creating new jobs.”
The awarded loan will help WLI provide fully integrated development and manufacturing services for the biotechnology and pharmaceutical companies, allowing clients to progress the development of their drugs without suffering the risks and delays associated with transferring technologies. Once the first stage of the aseptic fill/finish operation is functional and the client base is developed, Wolfe Laboratories will pursue further expansion in the IND-enabling space. Dr. Janet Wolfe, President and Founder of Wolfe Laboratories, reflects on this achievement, “These funds will allow us to expand our capabilities, which our clients have been requesting, so that we can rapidly provide high quality IND-enabling drug development and manufacturing services to contribute to a sustainable drug pipeline.”
The direct benefits of WLI’s newly acquired loan are significant. With the lack of local manufacturing with appropriate scale, the loan will directly support pharmaceutical and biotech companies in Massachusetts and other states; fill a market niche that will favorably position small companies in the Massachusetts biotechnology cluster; provide high-value and high-wage jobs to Massachusetts residents; accelerate availability of breakthrough medical treatment by expediting availability of experimental medicines for local companies; and enhance the potential of life science-based businesses in Massachusetts by improving their cost-competitiveness.
“Throughout its history, Massachusetts has harnessed a remarkable ability to innovate in the health care field,” said Representative Peter Koutoujian (D-Newton), representing Precinct ten in Watertown. “I am proud that the MLSC has recognized some of that innovation occurring right here in Watertown. The Accelerator Program loans are a stabilizing resource in such uncertain economic times, especially for pioneering companies like Wolfe Laboratories doing important research necessary in the drug development process. It is important to promote early-stage companies such as Wolfe because they not only bring business into our cities and towns, but also save and improve lives through their research.”
With Massachusetts’ need for small-scale aseptic fill/finish manufacturing facilities and high concentration of established biotech companies, early-phase startup companies, and academic laboratories involved in drug discovery and development, the awarded funds will greatly benefit Boston’s biotech hub. "The future of Massachusetts’ economy lies in our ability to attract new cutting edge businesses to the Boston area. In doing so, we must leverage Boston’s world class institutions of higher learning and hospitals,” said Senator Steven Tolman. “Wolfe Laboratories’ presence in Watertown is evidence that businesses are choosing to locate in an environment where innovative ideas are produced and discussed. In locating itself in Watertown, Wolfe Laboratories has taken advantage of all that Boston has to offer the health care industry. I am optimistic that the Accelerator loan, which Wolfe Laboratories received, will enable the company to continue its research, its growth and its investment in Watertown.” Echoing Senator Tolman’s comments, Representative Jonathan Hecht (D-Watertown) said, “Watertown has put great emphasis on creating a business environment that is attractive to life sciences and biotechnology. I am thrilled that Wolfe Laboratories has received this award, and see it as confirmation of Watertown’s growing prominence in the life sciences.”
About Wolfe Laboratories, Inc. (WLI)
WLI is a pharmaceutical development company that offers comprehensive IND-enabling programs for biologics and small molecules. Through its customized development services in ADMET and CMC areas, as well as GLP and cGMP testing, the company brings value to its clients by rapidly providing high quality project planning and execution through its experienced staff and management team. Drug Development Done Right. On Time. For more information, visit www.wolfelabs.com.
About the Massachusetts Life Sciences Center (MLSC)
MLSC is a quasi-public agency of the Commonwealth of Massachusetts tasked with implementing the Massachusetts Life Sciences Act, a ten-year, $1 billion initiative that was signed into law in June of 2008. The Center’s mission is to create jobs in the life sciences and support vital scientific research that will improve the human condition. This work includes making financial investments in public and private institutions that are advancing life sciences research, development and commercialization as well as building ties between sectors of the Massachusetts life sciences community. For more information, visit www.masslifesciences.com.