Governor Martin O'Malley Announces Expansion of Biotech Company in Montgomery County
ATLANTA, GA (May 20, 2009) - Governor Martin O’Malley joined officials from RNL Biostar today at the BIO 2009 Convention in Atlanta to announce the companies U.S. expansion in Montgomery County, adding fifty jobs to a flourishing life sciences industry in Maryland, which is home to more than 400 bioscience companies and 50 research-intense federal institutes and centers.
“The expansion of RNL Biostar in Maryland demonstrates the highly supportive environment and unmatched assets found within the state to advance our life sciences industry,” said Governor O’Malley. “Maryland’s unprecedented commitment to expanding the life sciences industry demonstrates our efforts to grow and sustain a robust, knowledge-based economy that will ensure future company expansion announcements throughout our State. Maryland is widely recognized as a global hub to feed, fuel, and heal our world through the life sciences.”
RNL Biostar, a subsidiary of premier Korean biotechnology company RNL Bio, will establish a stem cell research and development and manufacturing facility in Montgomery County’s Germantown Innovation Center. It will invest $6 million for new equipment and facility improvements in the leased space, which will include four labs and five office suites. RNL Biostar plans to create 50 new, full-time positions within the next four years, the majority of which will be cell manufacturing technicians with an average salary of $50,000. By the end of 2014, the company plans to occupy 20,000 square feet of commercial space in the County.
“RNL Biostar’s expansion in Montgomery County illustrates the strength and scope of our diverse biotech community,” said Montgomery County Executive Isiah Leggett. “I was able to witness first-hand the important stem cell therapy research and development conducted by RNL Bio during my business development mission to Korea last fall, and the expansion of their U.S. subsidiary RNL Biostar here in the County will help advance this work and adds to the wealth of scientific capital found in Montgomery County, furthering our capacity to help heal and save lives around the globe from the local level.”
RNL Bio, headquartered in Seoul, Korea and publicly traded on the Korean Stock Exchange, is focused on the research and development of adult derived stem cell therapies and life sciences technologies. RNL has two therapies in Phase II clinical trials, one for Buerger's Disease and one for Osteoarthritis. RNL Biostar is responsible for clinical development in the U.S. and for licensing its technologies in North and South American markets.
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Since taking office, Governor O’Malley has spearheaded a number of strategic investments in Maryland’s bioscience industry. In addition to creating the Life Science Advisory Board, he previewed the Board’s efforts and early recommendations last June in a 10-year, $1.3 billion strategic initiative for moving Maryland’s bioscience industry forward. Governor O’Malley has been instrumental in securing funding for bio initiatives, including $59 million over three years for Maryland’s Stem Cell Research Fund, $18 million over three years for the popular Biotechnology Tax Credit and $9 million for nanobiotechnology research grants.
Under Governor O’Malley’s leadership, Maryland’s major research parks, including the University of Maryland, Baltimore BioPark, the Science +Technology Park in East Baltimore and the Montgomery College/Germantown Science and Technology Park, have undergone significant expansion. In addition, the State has attracted, or assisted in launch or expansion, of more than 50 bioscience companies in the last two years, including Aeras Global TB Vaccine, OpGen, Life Technologies, Biomere, Akonni Biosystems and Emergent Biosolutions, creating or retaining an estimated 1,800 jobs.
Home to more than 400 bioscience companies and 50 research-intense federal institutes and centers, Maryland is well positioned in the global bioscience industry and has been recognized by the Milken Institute as one of the top tier states highly specialized in overall bioscience development. Since the early 1990s, Maryland has focused on bioscience development and was one of the first states to develop a strategic plan for the industry.
