06/19/2013
Gov. Malloy: Wallingford's Z-Medica Growth Will Create Jobs, Expand Clinical Research
Upgrades to Medical Device Facility Will Increase Manufacturing Capacity
(HARTFORD, CT) - Governor Dannel P. Malloy today announced a $1.7 million loan to assist Wallingford medical device manufacturer Z-Medica buy new equipment in support of the company's current expansion plans. Z-Medica makes and distributes sterile traumatic wound products that rapidly stop high volume blood loss. The company, which currently has 46 employees, distributes to the military, first responders, law enforcement, hospitals, and retail. They are expected to add 25 jobs within five years.
"Small companies are the backbone of Connecticut's economy, so supporting their growth and expansion is an important part of our strategy to create jobs," said Governor Malloy. "Z-Medica is manufacturing cutting-edge technologies-products that are saving lives in hospitals right here in Connecticut and on battlefields half a world away. This kind of innovation is not only creating good jobs with good benefits in our state and strengthening our economy, but it is also critical to overall medical advancement."
Founded in 2002, Z-Medica's product line of sterile hemostatic bandages are used across medical specialties as well as for emergency and critical care. The Army Material Command named one of the company's best known products, "QuikClot," a Top 10 Greatest Invention of 2008, and has made it a standard part of military battlefield kits.
"Z-Medica is an exciting and rapidly growing company, due primarily to our products' embracement by the various markets we serve including healthcare, emergency response, military, and retail," said Larry Hicks, Z-Medica's President and Chief Executive Officer. "Our proprietary technology saves lives and provides tremendous benefits to each market we serve. We are proud to partner with the State of Connecticut Department of Economic and Community Development and appreciate their assistance in funding our growth and expansion plan. This will benefit not only Z-Medica but the state of Connecticut in general as we increase our number of employees and invest in the surrounding communities."
Z-Medica will undertake a $3.4 million project involving the upgrade of its facility and manufacturing equipment to increase capacity, as well investing in critical clinical research. The Department of Economic and Community Development (DECD) will provide a 10-year loan at two percent interest.
"According to the Medical Device Manufacturers Association, much of the innovation that's happening within the industry is emanating from the small manufacturers that work with hospitals and clinicians to develop products that serve a specific need," said DECD commissioner Catherine Smith. "With the state's financial support, Z-Medica can continue its beneficial work while at the same time helping to grow and strengthen Connecticut's economy."
The funding requires State Bond Commission approval and will be on the June 21, 2013 meeting agenda.