Wistar Institute, Pa., gets $70 million financing for expansion

By Toni Weeks

San Diego, Sept. 23 - The Wistar Institute has entered into a $70 million financing agreement with Citizens Bank to fund a major expansion, according to a press release.

The funding package will provide $55 million of permanent tax-exempt financing and a $15 million swing loan that will help bridge a $35 million capital campaign undertaken by Wistar.

According to a press release, the expansion includes a new seven-story, 89,700-square-foot research tower above the institute's current facility.

Citizens Bank said the expansion will enhance Wistar's research operations and allow it to recruit new faculty and pursue collaborative biomedical research in emerging areas of science.

The Philadelphia-based biomedical research institute broke ground on the project on Friday. Construction will be completed in 2014.

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