[Durham INC] CARsgen Therapeutics Selects Durham for North American R&D and Manufacturing Facility

[Jones, Henry R.]

NEWS RELEASE

For Immediate Release                                                     Date: 05/20/2021
Contact: Public Information Office                                 Phone: (919) 560-0000/Fax: (919) 560-0020
E-mail: publicinformationoffice at dconc.gov<mailto:publicinformationoffice at dconc.gov>

CARsgen Therapeutics Selects Durham for North American R&D and Manufacturing Facility
Company's $157M Investment Will Create 200 New Jobs

Durham, N.C. - Durham continues to be one of the world's top Life Sciences' clusters with North Carolina Governor Roy Cooper's announcement on Thursday, May 20, 2021, that CARsgen Therapeutics, will establish its first biomanufacturing site in North America here. CARsgen currently has its U.S. clinical development operations in Houston, Texas.

"Global companies know that North Carolina is a world class leader in biotechnology. Our state's skilled workers, educational institutions and business environment provide life science companies with the tools they need to succeed." Cooper said in a release<https://www.nccommerce.com/news/press-releases/leading-cell-therapy-biotech-company-chooses-research-triangle-its-north>.

CARsgen Therapeutics Corporation, a wholly-owned subsidiary of CARsgen Therapeutics Holdings Limited, is a clinical stage biotechnology company specializing in what's known as chimeric antigen receptor (CAR) T cell therapies, a type of therapy that engages people's immune systems in a new way. The therapeutic approach can yield medicines for various human cancers, including leukemia, lymphoma, and solid tumors. The company's project in North Carolina will establish a 37,000 square foot clinical/early-stage commercial manufacturing facility and then a 100,000 square foot cGMP commercial manufacturing facility in Durham that will eventually produce FDA approved cell therapies.


"Today's CARsgen announcement reinforces the benefit of investments made to sustain our region as one of the world's top markets for life sciences and why we continue to build up local workforce strategies," said Board of County Commissioners Chair Brenda Howerton. "With the support of our talented labor and educational institutions, the company will be well-positioned as they seek to develop critical, new cancer treatments. We welcome CARsgen and their shared commitment to diversity and workforce development to Durham, which will benefit our local community and beyond."


CARsgen Therapeutics' project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state's economy by $1.04 billion. Using a formula that takes into account the new tax revenues generated by the 200 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,616,250, spread over 12 years. Over the 12 years, those state tax revenues will exceed $31.1 million.



CARsgen's JDIG agreement also could move as much as $538,750 into the state's Industrial Development Fund - Utility Account<https://www.nccommerce.com/grants-incentives/public-infrastructure-funds/utility-account> for use by rural communities elsewhere in the state. The Utility Account helps finance necessary infrastructure upgrades in more economically challenged areas of the state to attract future business.



The Board of County Commissioners will likely consider a local award at its May 24th Regular Session meeting.


"The benefit of CARsgen's location in Durham will be far-reaching through their pursuit of cancer treatments that address unmet need," stated Economic Development Officer Andrew Miracle. "With their innovative approach to creating life-saving medicines, CARsgen will be a tremendous addition to the Research Triangle's renowned life sciences industry. We look forward to this partnership opportunity."


Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, Duke Energy, the City of Durham, Durham County and the Greater Durham Chamber of Commerce.



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


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