April 16, 2020

FAME Approves Financing for Medical Device Firm

Saco-based Maine Molecular Quality Controls, Inc. is growing and helping to battle the COVID-19 pandemic

At its remotely-held meeting today, the board of directors of the Finance Authority of Maine (FAME) approved 90% pro rata loan insurance on a $2.2 million loan by Saco & Biddeford Savings Institution to Saco-based Maine Molecular Quality Controls, Inc.

The FAME funds will be used to refinance an existing mortgage and enable the construction of a 37,500 square-foot expansion to their existing building, which will allow the growing company to create and retain a total of forty-six Maine jobs. The approval fits squarely within FAME’s mission of helping a growing business in the biotechnology sector that will create additional good-paying jobs.

Maine Molecular Quality Controls, Inc., established in 2000, is a medical device company based in Saco that designs and markets molecular controls for use in testing for inherited diseases, infectious diseases, as well as for oncology and pharmacogenetics. Among other things, the company manufactures quality controls that are currently being used in battling the COVID-19 pandemic. The company is expanding its facilities to meet the growing demand for its products, high-caliber controls uniquely suited to monitor all phases of molecular testing, which provide confidence in laboratory test results.

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.

“We are pleased to help with the continued growth of this remarkable Maine company,” stated Jay Violette, Chair of the FAME Board of Directors. “In these challenging times, we realize more than ever how important the field of medical research and testing is to the health and well-being of not only our state, but of our country and world as a whole.”

“Maine Molecular Quality Controls, Inc. is grateful for the support of FAME. This financing will enable our company to meet the current and future demand for high-caliber quality controls to ensure the accuracy of clinical laboratory testing,” stated Joan Gordon, MT (ASCP), President.

FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com.