Massachusetts molecular imaging developer expands

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Pharmalucence is planning to construct a 70,000 square-foot pharmaceutical production facility and new corporate headquarters at 29 Dunham Road in Billerica, Mass.

The company, which was formerly headquartered in Bedford, Mass., expects to create 25-30 new jobs as a result of this expansion. The project is supported by the first Recovery Zone Facility Bond issued in Massachusetts. The $20 million bond was issued on the company's behalf by MassDevelopment and purchased by TD Bank.

Pharmalucence, which produces eight drugs used in the diagnosis of cancer and heart disease, was formed in 2007 via a management buy-out of the U.S. subsidiary of a European pharmaceutical company. Also, the company sells its excess production capacity to other pharmaceutical companies that need production support, according to Ed Connolly, chief operating officer of Pharmalucence.