Rhode Island Commerce Board Approves Incentive Package for Regenerative Medicine Company Organogenesis to Expand Manufacturing Operations in Rhode Island Published on Thursday, December 19, 2024 PROVIDENCE, R.I. — The Rhode Island Commerce Corporation Board of Directors has approved a comprehensive package of incentives for Organogenesis Holdings Inc., a regenerative medicine company specializing in the development and manufacturing of advanced wound care and surgical products, to open a manufacturing facility in Smithfield. “I am thrilled that Organogenesis has chosen Rhode Island to expand operations. This decision underscores our commitment to fostering innovation and creating good-paying, high quality jobs that will help us achieve our goal of raising incomes for Rhode Islanders,” said Governor Dan McKee. “This investment will help strengthen our economy by supporting and growing the life sciences industry in Rhode Island,” said Secretary of Commerce Liz Tanner. “I look forward to a long partnership with Organogenesis as they continue to advance life-changing technologies right here in Rhode Island.” The Canton, Massachusetts-based company plans to redevelop a facility located at 100 Technology Way in Smithfield at an estimated cost of $97,525,000. Through the incentive agreements, Organogenesis would receive $10 million over five years under the state’s Rebuild Rhode Island Tax Credit program and $3.2 million over 10 years under the state’s Qualified Jobs Incentive Tax Credit program. The company expects to create 103 new full-time jobs within the first four years. Organogenesis will receive an additional $5 million from the Rhode Island Life Science Hub. “The Life Science Hub Board is pleased to support Organogenesis’ expansion into Rhode Island, which will transform a vacant building into one that hosts high-paying jobs and serves as a catalyst for further investment in our state,” said Neil Steinberg, Chairman of the Rhode Island Life Science Hub. “In just the past week alone, the Hub launched an incubator lab space, recruited a CEO and is welcoming a biomedical manufacturing company to the state. Supporting the life science sector in the state is already producing results.” The Commerce Corporation’s Board of Directors also approved a Tax Stabilization Incentive (TSI) for the Town of Smithfield in the amount of $140,000. The TSI is pending approval by the Town of Smithfield. “The Town of Smithfield looks forward to a long and mutually beneficial relationship with Organogenesis. The capital investment being made by Organogenesis will support the state’s construction trades, materials suppliers, and all the business partners that support such capital improvements. The long-term benefit to Smithfield and surrounding communities will be realized by the support services that such a large facility will require during its operations. We are hoping that Organogenesis will be the initiation of what could become a bio-tech hub for the northern Rhode Island, southern Massachusetts region,” said Robert Seltzer, Interim Smithfield Town Manager. “Organogenesis appreciates the support from the State of Rhode Island, the Rhode Island Life Sciences Hub and the Town of Smithfield as we expand our New England manufacturing capacity,” said Gary S. Gillheeney, Sr., Organogenesis President, Chief Executive Officer, and Chair of the Board. “We are pleased to join the growing Rhode Island life sciences community and look forward to contributing in many ways to this thriving community.” For more information about Organogenesis, click here. ###