to see Organogenesis continue to expand here in the Commonwealth," said Dr. Susan Windham-Bannister, President & CEO of the Massachusetts Life Sciences Center. "This is a great example of the Life Sciences Initiative at work. The regenerative medicine industry was born here, in our state's universities and labs, and we're thrilled to witness this burgeoning industry thriving and creating jobs."
"Today we're honored to have so many state and local officials join us to commemorate the start of construction of this state-of-the-art facility," said Organogenesis President & CEO Geoff MacKay. "This is a huge milestone for Organogenesis, as well as for the Commonwealth and for the regenerative medicine industry as a whole. We're growing in Massachusetts in size, in revenue and capacity; and in order to keep pace with our rapid growth, we're hiring across all departments."
Organogenesis is in the midst of a major, multi-year expansion of its global headquarters, R&D and manufacturing facilities. The company estimates its total investment in the two-phased expansion will be approximately $63 million.
The Life Sciences Center, charged with implementing the State's ten-year, $1 billion Life Sciences Initiative that was signed into law by Governor Patrick in June of 2008, awarded a $7.4 million grant to Organogenesis, Inc. to help facilitate the expansion. The Center provided $3.7 million in FY 2009 and $3.7 million during FY 2010.
The Massachusetts Office of Business Development worked closely with Organogenesis to create a $12.9 million incentive package, including the Life Sciences Center grant, as well as tax credits for research-and-development expansion. In addition, the State facilitated $5 million in low-interest loans for growth initiatives. The Life Sciences Initiative also addressed tax inequalities when compared with competing states.
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