Business leaders last week credited Gov. Deval Patrick’s $1 billion life-sciences initiative with enticing Organogenesis, a biotechnology company, to expand its headquarter facilities in Canton.
The administration has worked with Organogenesis to create a $12.9 million incentive package. That, along with $5 million of low-interest loans, will fund the growth initiatives with the expectation that additional jobs will be created and the state’s income-tax base expanded.
“When we first began speaking to the Office of Economic Development early last year, Organogenesis had 200 employees, and today, we have 325 with open positions for an additional 50 jobs in 2008 — all of these being high-skilled positions,” Organogenesis chief executive officer Geoff MacKay said in a news release. “Driven by both existing high revenue growth and major regulatory approvals, we are well on target for doubling our workforce.”
Changes at the Canton headquarters, which is 20 miles southwest of Boston, include expanding corporate office space by up to 10,500 square feet and increasing research and development laboratories and manufacturing facilities.
“I am pleased that Organogenesis will continue to build its future here in Massachusetts,” Patrick said in a press release. “This announcement speaks to our commitment to the long-term growth of this industry.”
One year ago, Patrick unveiled his $1 billion biomedical initiative, $500 million of which includes bond funding, to help support the life science industry.
Organogenesis is a regenerative medical company that develops cell-based products to stimulate the body’s own natural healing process, according to its Web site.