Maryland, Montgomery County Announce Support for Biotech Company Expansion
REGENXBIO plans to double its workforce within five years at new HQ, R&D facility in Rockville
BALTIMORE, MD (December 3, 2018) – Maryland today joined with Montgomery County to announce support for the expansion of REGENXBIO Inc., a leading clinical-stage biotechnology company specializing in gene therapy. The company announced plans to move into a new 132,000-square-foot headquarters and research and development facility at the Alexandria Life Science and Translational Research Center in Rockville by 2020. With the expansion, the company, which currently has more than 150 employees, expects to double its workforce within five years.
To assist with the project, Maryland Commerce has approved a $700,000 conditional loan through Advantage Maryland (formerly known as the Maryland Economic Development Assistance Authority and Fund (MEDAAF)). The company is also eligible for a state Partnership for Workforce Quality grant, which can assist with training needs. Additionally, Montgomery County has approved a $100,000 conditional grant, and will assist with expediting permits for the new location.
“Supporting innovative and growing companies like REGENXBIO reinforces Maryland’s standing as a leading biotech cluster and a global hub for the development of cutting-edge treatments, diagnostics, and cures,” said Governor Larry Hogan. “REGENXBIO’s decision to expand their headquarters in Rockville and add over 150 new jobs is a win for Montgomery County and our state.”
REGENXBIO has developed a proprietary gene therapy deliver platform called the NAV® Technology Platform, which is designed to use viral vectors to deliver genes to cells in order to address genetic defects or enable cells in the body to produce therapeutic proteins that can positively impact ongoing disease.
“The relocation of our headquarters to 9800 Medical Center Drive will enable us to continue to meet our needs for growth in our talent and capabilities – including the potential for installing our own cGMP production facility – in order to support the development and launch of NAV Technology-based treatments,” said Kenneth T. Mills, president and CEO of REGENXBIO. “We are fortunate to secure a new location that keeps us in Montgomery County and supports our continued evolution as a company.”
“REGENXBIO has doubled its number of employees every 18 months since April 2015,” said Montgomery County Executive Isiah Leggett. “The company has an extraordinary record of scientific and corporate achievements, and we are excited that it will occupy a new building in the Shady Grove Life Science Center.”
“Maryland is the ideal place for growing biotech companies like REGENXBIO,” said Maryland Commerce Secretary Mike Gill. “In addition to a highly-educated workforce, our state offers unique proximity to key federal agencies like the U.S. Food and Drug Administration and the National Institutes of Health and a critical mass of life sciences companies that make up one of the best places in the nation, if not the world, for innovative companies to thrive.”
“REGENXBIO has solid funding, a highly experienced executive team, and a true breakthrough in the gene therapy vector space,” said David Petr, MCEDC president and CEO. “We are pleased to support its continued growth here.”
For more information about REGENXBIO visit www.regenxbio.com.
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.
The Montgomery County Economic Development Corporation (MCEDC) is the official public-private organization representing Montgomery County, Maryland. The organization was created in 2016 to help businesses start, grow and exceed expectations by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit thinkmoco.com/.
About REGENXBIO Inc.
REGENXBIO is a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy. REGENXBIO’s NAV® Technology Platform, a proprietary adeno-associated virus (AAV) gene delivery platform, consists of exclusive rights to more than 100 novel AAV vectors, including AAV7, AAV8, AAV9 and AAVrh10. REGENXBIO and its third-party NAV Technology Platform Licensees are applying the NAV Technology Platform in the development of a broad pipeline of candidates in multiple therapeutic areas.