Lincoln-based biotechnology firm Spherics, Inc. will move its headquarters to Mansfield, Mass., the company announced Friday.
The Massachusetts Biotechnology Council, the Massachusetts Office of Business Development, and the Massachusetts Alliance for Economic Development joined Spherics in announcing the relocation Friday.
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The company will move its headquarters and research operations to Mansfield, as well as build a clinical scale manufacturing facility.
Spherics will receive a $2.5 million loan from MassDevelopment’s Emerging Technology Fund in connection with the move, the largest ETF loan granted to date.
“Creating and fostering a business-friendly environment attracts companies like Spherics,” said Ranch C. Kimball, Governor Mitt Romney’s secretary of economic development and chair of MassDevelopment. “Spherics’ move is a tangible result of the combined and coordinated efforts of the public and private sectors to highlight the benefits of locating in Massachusetts.”
Spherics is developing oral pharmaceutical products with improved therapeutic profiles by applying its proprietary drug delivery platform technologies. The company’s delivery technologies improve drug performance by increasing absorption and residence time in specific regions of the gastrointestinal tract. Spherics recently raised $26.4 million in venture capital led by Advent International of Boston to advance its clinical pipeline, which is principally in the areas of central nervous system conditions, gastrointestinal disorders, and cancer.
“The move to Massachusetts will help accelerate our growth,” said Ze’ev Shaked, Ph.D., Spherics president/CEO. “The support we received from the state and local officials, and from the biotechnology community, were key factors in our decision.”
The company has leased a 29,500 square foot facility in the Cabot Industrial Park in Mansfield, MA, which will house its headquarters, research and development, and manufacturing operations. The ETF funds will be used to purchase new equipment and renovate the facility. Spherics currently has approximately 25 employees, and is expected to add up to 25 new jobs over the next three years.
