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
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.
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.