Tuesday, July 26, 2011

Losing One to Jersey

HoCo is losing a biotech company that started here to New Jersey. Yesterday Celsion Corporation announced plans to move their corporate headquarters to Lawrenceville, New Jersey.

"With the advance of the HEAT Study, initiation of two Phase 2 studies and greater activity anticipated for preparation of the ThermoDox® NDA, we have outgrown our current location. Celsion's new headquarters sits in proximity to many of the world's top biopharmaceutical companies, research institutions, academic centers and investment sources, providing access to this deep resource pool at a transformative stage in our development," said Michael H. Tardugno, Celsion's President and Chief Executive Officer.”

Apparently they were also enticed by some economic incentives from the State of New Jersey.

This is a real loss for the HoCo biotech community. Celsion grew out of Chueng Labs which started in 1982 in the Rivers Corporate Park in Columbia. On the other hand, it is unlikely to have a big impact on the HoCo commercial vacancy rate. The new headquarters will be just less than 11,000 square feet.
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