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Transposagen Biopharmaceuticals Inc. leaving Philadelphia for the Bluegrass
Lexington, KY (June 18, 2008) - Transposagen Biopharmaceuticals is moving its operations and research facilities from Philadelphia, Pennsylvania 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.”
Corporate personnel from Transposagen will be accompanying officials from the Kentucky Economic Development Cabinet, the Kentucky Science and Technology Corporation, and the Kentucky BIO Alliance at the BIO International Convention in San Diego, June 17-20, 2008. Other Kentucky organizations joining the group are the University of Kentucky, the University of Louisville, and Commerce Lexington. During the convention, Transposagen will meet with companies in the Animal Model Services industry as well as Pharmaceutical companies and other drug development research organizations. The KY BIO Alliance awarded six early stage Biotech companies from Kentucky, including Transposagen, a stipend to offset some of the travel cost associated with the convention.
“Being able to communicate with potential strategic partners and the end users of our products, all under one roof, is a great benefit to an early stage company,” said Dr. Ostertag. “The Kentucky BIO Alliance, the Kentucky Science and Technology Corporation, and the Kentucky Economic Development Cabinet have all been eager to assist our company. This is a great example of the cooperation we are getting in Lexington and in Kentucky.”
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.