September 10, 2003
ROMNEY FOCUSES ON BIOTECH AS ANOTHER COMPANY EXPANDS IN MASS
Therion Biologics opens state-of-the-art manufacturing facility in Cambridge
CAMBRIDGE – Governor Mitt Romney today applauded Therion Biologics for its decision to expand its manufacturing capabilities in the Bay State as he joined employees of the company in celebrating the opening of a new 11,000 square foot manufacturing facility.
“The manufacturing facility that you opened today will begin Therion’s next stage of development: the move from research and development into the commercialization of vaccines,” Romney said.
He added, “It is a tremendous breakthrough and you could not have chosen a better place to expand.”
With Therion’s private equity financing totaling $39 million, Therion will fund the advanced clinical development of PANVAC-VF™ and PROSTVAC-VF™, its lead vaccine candidates to treat pancreatic and prostate cancer, respectively. The funds will also be used to expand manufacturing operations to support the production of trial- and commercial-sized quantities of its proprietary cancer vaccines.
Therion Biologics Corporation develops therapeutic vaccines for cancer and preventive vaccines for AIDS. The Company has two lead programs involving multiple clinical trials: PANVAC-VF™ for pancreatic cancer and PROSTVAC-VF® for prostate cancer. Therion is also applying its technology platform to develop vaccines to treat melanoma, breast cancer and other solid tumors. According to company officials, their decision to expand in Massachusetts was based on the proximity to leading clinical institutions and access to a highly talented workforce.
Mark Leuchtenberger, President and Chief Executive Officer of Therion Biologics Corporation, praised the Romney Administration. He said, “We are honored to celebrate this momentous occasion with Governor Romney. His presence here today is a testament to his ongoing support of the Commonwealth’s biotechnology industry.”
Last month, Romney announced that eight companies from Agawam to Boston, including Abbott Bioresearch Center, Alkermes, AVANT Immunotherapeutics and Therion Biologics plan to add more than 700 jobs in Massachusetts over the next three to five years.
Therion Biologics currently employs 75 individuals and the expansion will add another 25 employees over the next year.
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