Spherics pockets loan, plans move to Mass.

Backed by a $2.5 million loan from MassDevelopment's Emerging Technology Fund, Rhode Island-based Spherics is moving operations to Mansfield, Massachusetts. Spherics, which has been developing more targeted techniques for delivering drugs to different parts of the body, says it will also build a clinical-scale manufacturing facility.

"This is a great win for Massachusetts," said Robert L. Culver, MassDevelopment president and CEO. "Spherics is exactly the type of company the legislature hoped to attract when it created the Emerging Technology Fund. The firm's decision to relocate to Massachusetts is a testament to the strength of our life sciences community and the quality of our workforce in attracting companies that are moving from research and development into manufacturing."

- read this press release for more

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