AngioDynamics was founded in Queensbury, NY, in 1988 to manufacture products for the growing field of interventional radiology. Today, the firm is a leading provider of innovative medical devices used by interventional radiologists, surgeons, and other physicians for the minimally invasive diagnosis and treatment of cancer and peripheral vascular disease. AngioDynamics is one of the “Top 100 Hot Growth Companies,” according to BusinessWeek, and ranks No. 11 on Forbes prestigious list of the 200 Best Small Companies in America (Oct. 2006).
The solution
EDC assisted AngioDynamics in becoming a Qualified Empire Zone Enterprise (QEZE), which allowed the company to take advantage of tax abatements and other benefits. In addition, EDC assisted the firm in obtaining an Empire State Development grant, which provided capital as well as employee training funds. In 2003, the company completed a 32,000 square-foot addition (warehousing and manufacturing space), which fueled job growth for several years.
The challenge
By 2002, the fast-growing firm was in need of a larger facility. There was ample space on its 13-acres to build, which would allow the company to bring their warehousing on-site and increase manufacturing. “We explored a number of financing options,” explained Joseph Gerardi, chief financial officer. “Including independent borrowing and competitive bid. However, the solutions EDC brought us far outweighed other financing avenues.”
Eamonn Hobbs,
President and CEO,
AngioDynamics.
“EDC led us to the Empire Zone Program, which made it possible for us to expand and add jobs,” said Eamonn Hobbs, President and CEO, AngioDynamics. “I encourage you to connect with the folks at EDC, they can help you cut through the red tape.”
