Worcester-based ECI Biotech Inc. closed today on a $400,000 Emerging Technology Fund loan from MassDevelopment, the state’s finance and development authority.
ECI will use the funds to upgrade its 11,610-square-foot facilities at 85 Prescott Street and to purchase new equipment, according to MassDevelopment.
The funds will also allow the biotechnology company to begin commercialization of its diagnostic sensors and therapeutics, according to Anthony Bernardo, ECI’s president and CEO. The company currently employs 14, with plans to hire an additional 22 people in the next five years.
