Guilford Pharmaceuticals Inc. announced yesterday that Signet Bank intends to purchase $8 million worth of bonds issued by the state, the proceeds of which will go toward renovating the biotechnology firm's headquarters in the Fort Holabird Industrial Park.
Guilford plans to renovate its 83,000-square-foot facility, at 6611 Tributary St., to develop a new product aimed at treating brain tumors. Renovation of the site, the former headquarters of liquor distributor McCarthy-Hicks Inc., is planned to be completed by early 1995.
"Using the favorable financing to increase our laboratory capability will allow us to accelerate research and allow us greater control over production," said Dr. Craig Smith, the company's president and chief executive.
The 15-year bonds are set to be issued by the Maryland Economic Development Corp. and the state's Industrial
Development Financing Authority.
Meanwhile, Igen Inc. announced it will relocate its operations to an 84,000-square-foot facility in Gaithersburg by the end of the year.
Igen, which manufactures diagnostic systems employing a patented technology, has had its headquarters in Rockville since its formation.