Web Industries Awarded Job Creation Tax Incentives by Massachusetts Life Sciences Center
Life sciences contract manufacturer one of 28 companies chosen for job growth potential
MARLBOROUGH, Mass., June 7, 2016 /PRNewswire/ -- Web Industries, Inc., innovative provider of contract life sciences manufacturing and converting services, is proud to announce that the company has been awarded $150,000 in tax incentives through the Massachusetts Life Sciences Center's (MLSC) Job Creation Tax Incentive Program. This program promotes the growth of companies engaged in advancing life sciences research, commercialization, and manufacturing throughout the state of Massachusetts through targeted tax incentives tied to new job creation.
Web Industries recently opened their Lateral Flow Diagnostics Center of Excellence in Holliston, Massachusetts. The purpose-built, environmentally-controlled facility was designed for large scale automated reel-to-reel medical device production and features an in-house biochemistry lab, reagent deposition, lateral flow immunoassay (LFI) strip manufacturing, device assembly, and packaging stations.
This advanced facility offers companies developing LFI tests a one-stop outsource manufacturing solution to take new devices from small-scale test development into high-volume commercial-scale production. Web Industries is the only US-based non-competing contract manufacturing organization (CMO) to offer these services at commercial-scale volumes to ranges of over 10MM devices annually.
"Massachusetts companies lead in developing the next new innovative technologies and services, with Web Industries becoming the only US based life sciences manufacturer of its kind bringing LFI devices from testing to commercialization," said Governor Charlie Baker. "We are proud to support their expansion and contributions to our life sciences ecosystem through the Massachusetts Life Sciences Center's Job Creation Tax Incentive Program."
"Web Industries' expansion in Holliston is further evidence that Massachusetts can support the needs of life sciences companies through the entire health technology life cycle, including manufacturing," said Travis McCready, President & CEO of the Massachusetts Life Sciences Center. "They are part of a strong and growing network of life sciences contract manufacturing organizations, mostly located in regions of Massachusetts outside of Greater Boston, that are playing a vital role in bringing new health technologies to market. We are proud to be supporting Web Industries' growth."
"Our company is honored to receive this recognition by the Commonwealth of Massachusetts and the MLSC," said Mark Pihl, President and COO of Web Industries. "As a company founded in Boston and headquartered now in Marlborough, this is a great validation of our investment in bringing Web's unique LFI production capabilities and capacities to this area."
The Job Creation Tax Incentive Program was established in 2008 as part of Massachusetts' $1 billion Life Sciences Initiative. These incentives are approved annually by the Board of Directors of the MLSC.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is an investment agency that supports life sciences innovation, research, development and commercialization. The MLSC is charged with implementing a $1 billion, state-funded investment initiative. These investments create jobs and support advances that improve health and well-being. The MLSC offers the nation's most comprehensive set of incentives and collaborative programs targeted to the life sciences ecosystem. These programs propel the growth that has made Massachusetts the global leader in life sciences. The MLSC creates new models for collaboration and partners with organizations, both public and private, around the world to promote innovation in the life sciences. For more information, visit www.masslifesciences.com.
About the Job Creation Tax Incentive Program
The Life Sciences Initiative authorizes the MLSC to award tax incentives each year. Applicants are generally companies that have transitioned or are transitioning from pure life sciences research and development ("R&D") to commercialization and manufacturing. The MLSC recognizes that many companies struggle to address the significant capital investment associated with the long life sciences R&D cycle and the high cost of translating research into a commercially viable product. This program is designed to help sustain these companies through a critical stage of development and to leverage additional sources of capital to bring cutting edge innovation to the marketplace.
About Web Industries
Web Industries, Inc., is the largest and most diverse provider of flexible material converting and end-product manufacturing services for the Advanced Composites, Medical, Consumer Product, Multi-Layer Insulation, and Wire & Cable markets. Utilizing the widest array of slitting, spooling, winding, and ply formatting configurations in the business, Web formats composites, nonwovens, specialty films, papers, foils, laminates, and foams for downstream manufacturing. Web specializes in developing optimized material processing solutions that deliver converted materials on custom-designed spools, planetary rolls, planetary pads, and ply kits for efficient, cost-effective product manufacturing. Web's facilities hold all industry-relevant certificates (AS/EN9100C, ISO 9001:2008, 13485, 14001, and FDA registration).
SOURCE Web Industries, Inc.
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