Investing and Empowering Biotech Innovations in Massachusetts
Nov 01, 2011
The life sciences, spanning from biotechnology and pharmaceuticals to medical devices and diagnostics, are a cornerstone of Massachusetts’ innovation economy. Representing more than 80,000 jobs in the Bay State, the industry has continued to grow despite the national recession. With its world-class academic institutions and medical centers, talented workforce and industry-sector leading companies, Massachusetts is a global leader in the life sciences.
Recently named a semifinalist for the 2011 New England Innovation Awards, HighRes Biosolutions is one of the companies helping to keep Massachusetts a leader in life sciences. Based in Woburn, Massachusetts, HighRes Biosolutions designs and builds innovative robotic systems and laboratory devices for lab researchers working on drug discoveries for diseases such as juvenile diabetes, HIV and cancer. HighRes was also recently awarded a $125,000 tax incentive by the Massachusetts Life Science Center in exchange for a pledge to create at least ten new jobs in 2011. HighRes is one of only 30 companies in the Bay State to receive such an award, recognizing their track record of high growth and importance to the state’s leadership in life sciences and biotech innovation.
In order for a business like HighRes to thrive in the Boston economy, amidst a competitive and growing technology sector, it needs creative, flexible banking options.
When HighRes sought assistance with growing and expanding its business, the company had several banking options in the Boston area—from both big banks and small community banks. Having worked with big banks in the past, and feeling that did not get the personal attention that it needed as a result, HighRes was initially nervous that this would be the case with Bank of America. However, HighRes has been incredibly surprised and delighted by the flexible banking options and client service Bank of America has brought to the table.
“The programs Bank of America put in place were spot on with what we need to grow our business,” said Lou Guarracina, President and Co-founder of HighRes Biosolutions. “They provided us with a line of credit we couldn’t get anywhere else. It is allowing us to create jobs, buy equipment and move into a larger space.”
“We share two core values with Bank of America—flexibility and personal relationships,” said Matt Kiley, Vice President of Finance, HighRes Biosolutions. “The bank has been flexible with us, listened to us and given us what we needed. And we’ve got a great personal relationship with Bank of America that, frankly, we didn’t expect to have.”
The bank’s ability to position the company for continued growth is critical to why HighRes chooses to work with Bank of America and a vital component of the company’s success.
“When we grow, other businesses in Massachusetts grow,” continued Guarracina. “The students from the many universities in the area have become the cornerstone of our operation. We help them to mature into better scientists and engineers and they go on to other jobs in the community.”
“HighRes is committed to growth in Massachusetts. They are going to keep jobs here and are committed to making a difference in the community,” said Deborah Barry, HighRes Biosolutions' client manager and vice president at Bank of America Merrill Lynch.
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