MassDevelopment Renews $5.03 Million Revenue Bond Financing Request for Expansion of Integrated Pharmaceuticals, Inc.

WEDNESDAY, SEPTEMBER 17, 2003 11:34 AM
- PR Newswire

BOSTON, Sep 17, 2003 /PRNewswire-FirstCall via COMTEX/ -- Integrated Pharmaceuticals, Inc. (IntePharm) (INTP) today announced that it received an extension of preliminary approval for a $5.03 million revenue bond financing. This financing will expedite expansion of its operation to a new facility in Fitchburg, MA, said Dr. Chinmay Chatterjee, President and Chief Executive Officer of Integrated Pharmaceuticals, Inc.

"MassDevelopment is pleased to offer Integrated Pharmaceuticals financial assistance to expedite its investment in Massachusetts," said Michael P. Hogan, President of MassDevelopment.

Dr. Chatterjee said that this financing would help Integrated Pharmaceuticals expedite its current biopharmaceutical products manufacturing program including the construction of a cGMP manufacturing facility under FDA guidelines.

Dr. Chatterjee continued, that the Company's presence in two locations; Boston and Fitchburg would help Integrated attract top talents from the Boston, Cambridge and Worcester area for its involvement in cutting edge research related to drug discovery, process development as well as manufacturing of biopharmaceuticals and biologics.

Dr. Chatterjee also said that the Company is pleased and grateful to MassDevelopment for selecting Integrated Pharmaceuticals as an emerging company to participate in the revenue bond financing program.

About the company

Integrated Pharmaceuticals, Inc., is an emerging pharmaceuticals and biotechnology company that discovers, develops, manufactures and markets pharmaceuticals, specialty chemicals and ingredients for significant unmet medical and commercial needs. Integrated Pharmaceuticals, Inc. is involved in the application of combined approach of emerging fields of research of advanced bioprocess engineering, computer simulation science and metabolic engineering. The Company utilizes these fields of research for the production of recombinant DNA derived and small molecule drugs for therapeutic uses. IntePharm's clinically active compounds have applications for the treatment of chronic diseases. The company has several market ready products in the pipeline for commercialization in the immediate future.

For further information please contact Dr. Chinmay Chatterjee, Integrated Pharmaceuticals, Inc. at (978) 696-0020.

SOURCE Integrated Pharmaceuticals, Inc.

Dr. Chinmay Chatterjee of Integrated Pharmaceuticals, Inc.,
+1-978-696-0020
(INTP)

http://www.intepharm.com

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