Guilford Pharmaceuticals Inc. has received an $8 million loanthrough a bond issued by the Maryland Economic DevelopmentCorp. (MEDCO) and Maryland Industrial Development FinancingAuthority (MIDFA).Signet Bank, of Baltimore, purchased the bond and GuilfordPharmaceuticals will have 10 years to repay the loan at a below-prime interest rate.John Brennan, vice president of operations, said about 70 percent ofthe proceeds will be used to support Guilford's research anddevelopment projects. Another 25 percent will support constructionof a manufacturing facility for the company's lead product, Gliadel,which has completed Phase III trials for brain cancer. Gliadel is asurgically implanted, biodegradable polymer wafer containing thechemotherapeutic drug carmustine.The company expects to have the production plant completed byearly 1995 and plans to file a new drug application with the FDAfor Gliadel by the third quarter of that year.Andrew Jordan, Guilford's vice president and chief financialofficer, said that under the terms of the loan, 30 percent of the $8million bond is guaranteed by MEDCO and MIDFA.It's not the first time Guilford has received support from Maryland.Jordan said the state invested $250,000 in the company earlier thisyear.Guilford's stock (NASDAQ:GLFD) Thursday was down 12 cents toclose at $3.12. _ Charles Craig
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