MassDevelopment has provided a $2.5 million Emerging Technology Fund loan to Lexington Medical Inc., a developer of abdominal surgical devices in Billerica.
The company will use the loan to help finance its expansion into an 8,000-square-foot facility at 11 Executive Park Drive. Lexington Medical will use loan proceeds to install a clean room in the new facility, and to buy customized equipment and materials for developing and producing general surgery medical devices. The project is anticipated to create 65 jobs.
“We are very excited MassDevelopment approved this loan, which adds to our venture capital equity funding and will enable us to commercially launch a portfolio of devices,” Leon Amariglio, founder and CEO of Lexington Medical, said in a statement. “We founded Lexington Medical to deliver best-in-class devices and help healthcare providers deliver quality care at lower costs. This financing helps us move one step closer to fulfilling that mission.”