Stoughton, MA – MassDevelopment has provided a $1.5 million loan from the Emerging Technology Fund (ETF) to Beeken Biomedical, LLC for hiring additional employees, and buying inventory to support its projected growth over the next two years as the company prepares to launch new products for surgical use.
“We are fortunate to be a recipient of MassDevelopment’s Emerging Technology Fund which will allow us to expand our reach into the hospital and public safety markets with our life-saving hemostasis technology,” said Beeken Biomedical president and CEO, Richard Kendall. “This funding will accelerate our hiring initiatives within the highly talented Massachusetts life science community. We look forward to expanding our footprint in Massachusetts through hiring top-tier Massachusetts talent. Additionally, the funding will allow the company to purchase sufficient inventory to support our highly anticipated surgical product launch.”
Beeken Biomedical, LLC manufactures and distributes life-saving, bleeding control products throughout the United States under the brand name NuStat. The company’s proprietary NuStat technology is widely used in operating rooms, emergency rooms, and public safety markets including schools, law enforcement, and EMS. The company is among the first to receive U.S. Food and Drug Administration 510K clearance to market its NuStat XR products for internal surgical use to treat severe open-organ-space bleeding.
MassDevelopment’s ETF provides low-cost, long-term venture debt to early-stage, emerging technology companies. The ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy.