MassDevelopment has provided $1.4 million in loans to Masy Systems Inc. of Pepperell for the purchase and installation of a state-of-the-art, environmentally-controlled storage facility for Masy's customers in the biotechnology, pharmaceutical and life sciences industries.
The company used this new financing to expand its biorepository facility space six-fold, the majority of which will be used for -75 degree Celsius storage so that area companies and research institutions can maintain key biologic compounds used in research and development. In 2009, MassDevelopment provided $700,000 in financing for the first phase; the latest expansion will make the Masy facility one of the largest commercial biorepositories in the Northeast.
"Watching one of our clients grow is always exciting, but investing in its new expansion is even more satisfying," said MassDevelopment President and CEO Marty Jones. "Masy Systems provides valuable services to the commonwealth's vibrant life sciences and biopharmaceutical industry sectors. This project will seek to enhance and complement those services and provide valuable space to their customers and partners."
Since 1984, Masy Systems has provided an expanding array of services to its clients including validation and calibration services, equipment sales and rentals, datalogging and monitoring and the expanding biopharma storage services. The company, which has grown an average of 30 percent per year for the last five years, plans to add at least seven new jobs, bringing their total employment to more than 60 people.
"This expansion was driven by customer demand," said Laurie Masiello, Masy Systems Inc. president. "Our growth has come from not only new customers, but our existing customers asking us to do more. It is gratifying that they place their trust in us."