Worcester Business Journal

6 Worcester Business Journal | September 16, 2019 | wbjournal.com T H E T I C K E R $1M An endowed gift to Fitchburg State University for a study abroad scholarship program, most of which was contribut- ed by the Clementi Family Charitable Trust of Leominster Source: Fitchburg State University Government surplus Gov. Charlie Baker proposed to use over the next two years to pay for a doubling of the income tax exemption for dependents from $1,000 to $2,000 $175 million Source: State House News Service 2021 Source: Spring Bank Pharmaceuticals Hopkinton startup drugmaker Spring Bank Pharmaceuticals is funded through 2021 thanks to a $20-million convertible debt financing agreement. An operating margin goal for 2021 set by Holliston scientific equipment manufacturer Harvard Bioscience 13% Source: Harvard Bioscience SBA LOAN Contact Tom Farley, Chief Commercial Banking Officer at 508-315-5344 or thomas.farley@middlesexbank.com EQUAL HOUSING LENDER MEMBER FDIC MEMBER DIF HELPING YOU GROW YOUR BUSINESS IS OUR BUSINESS. Middlesex Savings Bank's commercial bankers have the freedom to offer more creative approaches to meeting your financial and strategic objectives for your business. That makes us a financial partner that's truly invested in your success. With just under $5 billion in assets, we handle everything from complex financing to everyday banking services. $9,962,000 CONSTRUCTION TO PERMANENT FINANCING Industrial/Distribution Hudson, NH $2,500,000 TERM LOAN & LINE OF CREDIT Behavioral Care Watertown, MA $4,000,000 LINE OF CREDIT Industrial Products Distribution Newton, MA $3,936,000 COMMERCIAL MORTGAGE Hotel Lee, MA $1,245,000 LINE OF CREDIT Residential Construction West Boylston, MA $3,472,000 TERM LOAN Network Technology Framingham, MA Best Buy to leave Greendale Mall Best Buy, one of the last major retail- ers in the Greendale Mall, will close at the end of November. Jeff Shelman, Best Buy senior di- rector of communications and issues management, said the store's last day would be on Nov. 7. A total of 35 full-time workers are employed at the store, said Shelman, who declined to say how many part- time workers would also lose their jobs. e 45,000-square-foot store opened in 1999, but shoppers have recently frequented other Central Mass. stores more than the one in Worcester, including stores in Millbury and Marl- borough, Shelman said. e future of the building as a mall is unclear. City Manager Ed- ward Augustus in January informed the City Council the mall's owners, C-III Capital Partners, plan to sell the 300,000-square-foot building. e Irving, Texas-based firm bought the property via a foreclosure auction in 2016 for $11.8 million. Southborough startup lands $3.8M DoD grant for brain injury drug e scientific founder of a Southbor- ough startup pharmaceutical company has landed a $3.8 million grant from the U.S. Department of Defense to help develop a drug to treat traumatic brain injury and concussions. Dr. Michel Baudry, co-founder and chief scientific officer of NeurAegis, will use the funds from the department's Combat Casualty Care Research Pro- gram to develop a neuroprotective drug in preparation for in-human trials. Baudry, the principal investigator for the project, said the company has identi- fied a molecular mechanism that shows efficacy against cell death and damage following brain injury. e company is partnering with Pomona, Calif.,-based Western Univer- sity of Health Sciences where Baudry runs a lab. e company has an exclusive worldwide license to commercialize the technology from Baudry's lab. e com- pany is also developing treatments for other neurological disorders, including epilepsy and mild cognitive impairment. Continued from Page 5 B R I E FS

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