Spherics goes out of business

Spherics Inc., a Mansfield biotech company that received a state-funded loan to move to the Massachusetts three years ago, has shut down.

The company's remaining assets, primarily intellectual property, are slated to be auctioned off to benefit creditors on Oct 10, according to Joseph Finn, the Wellesley accountant who has been tapped to oversee the liquidation.

In 2005, Spherics received a $2.5 million loan from MassDevelopment to help finance its new headquarters in Mansfield. At the time, the company had 25 employees and planned to double its employment over the next three years.

A MassDevelopment spokeswoman said the loan has not yet been paid off, but could not say how much is still owed.
(By Todd Wallack, Globe staff)