[Durham INC] Adverum Biotechnologies Selects Durham County

[Jones, Henry R.]

NEWS RELEASE

For Immediate Release                                      Date: 01/07/21
Contact: Public Information Office                        Phone: (919) 560-0000/Fax: (919) 560-0020
E-mail: publicinformationoffice at dconc.gov<mailto:publicinformationoffice at dconc.gov>

Adverum Biotechnologies Selects Durham County
Company's $82.8M Investment Will Create More than 200 New Jobs

Durham, N.C. - Durham County continues to be a magnet for economic development in the biotechnology field with North Carolina Governor Roy Cooper's announcement on Thursday, January 7, 2021, that Adverum Biotechnologies, Inc.<https://adverum.com/>, will bring its new gene therapy manufacturing facility to Research Triangle Park. The Redwood, California-based firm will invest $82.8 million and create more than 200 new jobs.

"Our state's dynamic workforce continues to propel life-changing innovation and keeps North Carolina at the forefront of biomanufacturing through life sciences companies like Adverum," Cooper said in a release<https://governor.nc.gov/news/clinical-stage-gene-therapy-company-will-add-more-200-jobs-durham-county>.

Adverum Biotechnologies, Inc., is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. The company is developing its lead gene therapy candidate ADVM-022 in ongoing clinical trials for wet age-related macular degeneration (AMD) and diabetic macular edema (DME). ADVM-022 is administered as a potential one-time, intravitreal injection for the treatment of wet AMD and DME, ocular diseases that impact millions of patients worldwide.

Jobs created for the new site include production staff, quality control specialists, facility engineers and other personnel and will create annual payroll impact of $19 million for the Research Triangle Region.

"With today's announcement, Adverum will bring their critical work of developing treatment for ocular diseases to Durham County," stated Economic Development Officer Andrew Miracle. "Their decision to locate here is, in part, a reflection of our quality labor pool. We look forward to assisting Adverum with maintaining their workforce and related needs by fostering connections to local partners."

Adverum's new facility will be facilitated in part by a Job Development Investment Grant (JDIG) approved by North Carolina's Economic Investment Committee on Thursday morning. Over the 12-year life of the grant, the project is estimated to grow the state's economy by $1.36 billion.  Payments for all JDIG and local awards are performance-based and only occur following verification that the company has met its incremental job creation and investment targets. Adverum Biotechnologies' potential JDIG reimbursement is up to $3 million over 12 years.



Because Adverum chose a site in Durham County, classified by the state's economic tier system<https://www.nccommerce.com/grants-incentives/county-distress-rankings-tiers> as Tier 3, the company's JDIG agreements also call for moving as much as $1 million into the state's Industrial Development Fund - Utility Account<https://www.nccommerce.com/grants-incentives/public-infrastructure-funds/utility-account>.



The Board of County Commissioners will consider a local award at an upcoming Regular Meeting. With approval of the award, the Company has agreed to make reasonable efforts to participate in workforce partnerships that include engagements with Durham Public Schools, Durham Technical Community College, and North Carolina Central University.



"We welcome Adverum Biotechnologies, Inc., to Durham, the Research Triangle, and our exciting biotechnology industry," said BOCC Chair Brenda Howerton. "Our residents and institutions will support the important health advancements they are making in gene therapy treatments. With their shared commitment to diversity and other local values, we know the new opportunities being created will benefit our whole community."



The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) led a collaborative effort to recruit Adverum, which also considered other national destinations. Key partners and allies include Durham County Government, the North Carolina Community College System, the North Carolina Biotechnology Center, the Greater Durham Chamber of Commerce and Duke Energy.



For more information about this announcement, contact Economic Development Officer Andrew Miracle at amiracle at dconc.gov<mailto:amiracle at dconc.gov>.


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