LifeCell Moves Corporate Offices and Production Facilities to NJ

In anticipation of projected company growth, LifeCell Corp. (The Woodlands, TX) will relocate its corporate offices and production facilities to Branchburg, NJ. The company will undertake a phased transition for the move—office-based employees will transfer during the summer, and production, research, and development will transfer by late fall. As part of the move, the company expects to receive a comprehensive package of financial grants and financing assistance from the state of New Jersey.

The company expects the combined grants—from the NJ Economic Development Authority (NJ EDA) and the NJ Department of Labor— to largely offset the one-time costs of relocating key LifeCell employees to NJ. LifeCell expects to incur a total one-time restructuring charge of approximately $1 million in the second and third quarters, which will include the abandonment of the company's Houston facility and retention pay for Houston-based employees.

LifeCell has also received preliminary approval for a low-interest direct loan and loan guarantee from NJ EDA for the build-out of the company's new facility. The company anticipates borrowing approximately $5.5 million for its build-out of 58,000 square feet of a facility in Branchburg, NJ, which is also the home to healthcare companies Johnson & Johnson, Hoffman-LaRoche, Merck, and Ortho Biotech, among others.

LifeCell Corp. is a bioengineering company engaged in the development and commercialization of tissue regeneration and cell preservation products.

For more information: Paul G. Thomas, CEO, LifeCell Corp., 3606 Research Forest Dr., The Woodlands, TX 77381. Tel: 281-367-5368. Fax: 281-363-3360.