Biotech Firm Relocating Headquarters to Lexington, KY
Transposagen Leaving Philadelphia for the Bluegrass
Lexington, Kentucky, June 1, 2008 - Transposagen Biopharmaceuticals is moving its operations and research facilities to Lexington, Kentucky. Transposagen, incorporated in Pennsylvania in October 2003, produces genetically modified MutaRatTM Knockout Animal Models. The use of knockout technology has enabled several of the most important basic scientific discoveries in biomedical research during the past two decades, including key discoveries in the biology of cancer, diabetes, and hypertension. The MutaRatTM models are used to investigate, understand, and model human diseases and treatments.
Dr. Eric Ostertag, CEO of Transposagen Biopharmaceuticals, says the key to the move was the cooperation he has received from state and local government, Commerce Lexington, and the University of Kentucky. “Moving from Philadelphia to Lexington has been an important decision in this growth phase of our company,” said Dr. Ostertag. “Lexington is a great example of a city that encourages the growth of technology and life science companies. The state’s commitment to Transposagen will enable us to build our business to a larger scale and add well-paying jobs more quickly.”
Transposagen is a recipient of Small Business Innovation Research (SBIR) Phase I and Phase II grants from the National Institutes of Health (NIH). The NIH performs extensive external peer review using experts from academia and industry to assess the scientific merit, technical merit, and commercial application of the proposed technology. Transposagen also received a corresponding Phase II match from the KY Department of Commercialization and Innovation. Phase II match recipients from out of state are required to move at least 51% of their company to Kentucky.
“I became aware of the Kentucky program through a promotional email I received,” said Dr. Ostertag. “No other state offers an SBIR Phase II match. It’s a major reason why we are moving to Lexington.”
About Transposagen Biopharmaceuticals
Transposagen Biopharmaceuticals is a privately held biotechnology company based in Lexington, KY. The company is dedicated to providing unique animal models of human diseases for drug discovery and development. The production of animal models is a $1.2 billion/year market and is expected to grow 12% annually through 2010. For more information, visit www.transposagenbio.com.
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Contact:
George Ward
201 W. Second St.
Lexington, KY 40507
gward@transposagenbio.com
859-428-8561