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
ANNAPOLIS, MD – 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.