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Pluromed, Inc. is Fourth Company to Repay Accelerator Loan From Massachusetts Life Sciences Center  
4/11/2012 10:12:07 AM

WOBURN, MA– The Massachusetts Life Sciences Center and Pluromed, Inc. today announced the Woburn-based company’s repayment of the Center’s Accelerator loan, with interest.

In 2009 Pluromed, Inc., was awarded a loan of $500,000 from the Center through a program that provides working capital to promising early-stage life sciences companies. The loan has been repaid in full, with interest, for a total repayment of $654,228 (photo attached). The loan financing came through the state’s ten-year, $1 billion Life Sciences Initiative, proposed by Governor Deval Patrick in 2007, and approved by the Legislature in 2008.

The repayment comes after Pluromed was recently acquired by Sanofi. Sanofi became aware of Pluromed through Sanofi’s participation in the MLSC Corporate Consortium program, developed by the Center to support external discovery. Consortium members like Sanofi contribute to the Center's fund for young companies with promising new technologies and, with permission, are given exposure to the technology.

“Entrepreneurship is essential to the strength of our innovation economy, and it is great to see another local start-up achieving success with the support of the Massachusetts Life Sciences Center,” said Governor Deval Patrick.

“The objective of the Accelerator Program is to de-risk promising early-stage companies and make them more attractive to both private investors and leading corporations like Sanofi, said Massachusetts Life Sciences Center President & CEO Susan Windham-Bannister, Ph.D. “The objective of the Consortium Program is to make it easy for large companies to spot promising technology in Massachusetts and support its development, in partnership with the state. This acquisition demonstrates the effectiveness of both programs. We are pleased to accept Pluromed’s repayment of our loan, and look forward to seeing the positive impact that their technology will have on patients.”

“The Center’s $500,000 award came at a critical moment in the development of Pluromed, as a life-line for us right before we received two important grants from the National Institute of Health”, said Pluromed President & CEO Jean-Marie Vogel. “Together we have done something very important, very meaningful, with the potential to change the future of vascular and cardiovascular surgery for the benefit of millions of patients around the world. Now, after we more than tripled the number of our employees in Massachusetts, one of the largest healthcare companies in the world will add its enormous resources to bring our dreams to reality. It would not have been possible without the Massachusetts Life Sciences Center. We are glad to be able to repay our debt today.”

“The acquisition of Pluromed underscores Sanofi’s commitment to strengthen its Biosurgery portfolio and grow the Global Biosurgery business which is based here in Cambridge,” said Alison Lawton, Senior Vice President and General Manager, Sanofi Biosurgery. “LeGoo® is a breakthrough technology which fits nicely with our focus on innovative surgical products. We look forward to bringing LeGoo® to the global market and driving adoption." In September 2010, Good Start Genetics became the first company to pay back an Accelerator loan from the Life Sciences Center, after the company raised a Series A round of $18 million. In October 2010 InVivo Therapeutics repaid their loan after securing $13 million in private financing. In March, 2012 4s3 Bioscience became the third company to repay their Accelerator loan after raising $20 million in a Series A round.

About Pluromed, Inc.

Pluromed has developed a proprietary polymer technology, called Rapid Transition Polymers (RTP), pioneering the use of injectable plugs to improve the safety, efficacy and economics of medical interventions.

About Sanofi

Sanofi, a global and diversified healthcare leader, discovers, develops and distributes therapeutic solutions focused on patients’ needs. Sanofi has core strengths in the field of healthcare with seven growth platforms: diabetes solutions, human vaccines, innovative drugs consumer healthcare, emerging markets, animal health and the new Genzyme. Sanofi is listed in Paris (EURONEXT: SAN) and in New York (NYSE: SNY).

About the Massachusetts Life Sciences Center

The Massachusetts Life Sciences Center (“the Center”) 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 among sectors of the Massachusetts life sciences community. For more information, visit www.masslifesciences.com.

About the Life Sciences Accelerator Program

In order to expand life sciences-related employment opportunities, promote health-related innovations and stimulate research and development, manufacturing and commercialization in the life sciences, the Life Sciences Accelerator Program provides loans to companies engaged in life sciences research and development, commercialization and manufacturing in Massachusetts. Target entities are generally early-stage life sciences companies with a high-potential for technology commercialization, rapid growth, and downstream private equity financing. The program is designed to help sustain these companies through a critical stage of development and to leverage additional sources of capital to bring cutting edge innovation to the marketplace.


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