|January 23, 2001
For further information, please contact:
Steve Parkinson, President and CEO
Tel: 001 508 842 5036
College Hill Associates
Michael Padley/Nicholas Nelson
Tel: 020 7457 2020
TranXenoGen Purchases 80,000 Square Foot Research and Manufacturing Facility
TranXenoGen, Inc. ("TranXenoGen") announced today that it has completed the purchase of an 80,000 square foot facility in Shrewsbury, Massachusetts. TranXenoGen purchased the building for $2.8 Million, in cash, and expects to invest approximately $4.2 Million in the first phase build-out which will include internal and external improvements. The Company is in the advanced stage negotiations with a local bank to finance most of the project. The building situated in the heart of the growing Framingham Worcester biotechnology community will become the headquarters for TranXenoGen, housing its corporate offices, research laboratories and product development facilities.
The Company is planning to refurbish the building, previously used as a laboratory plastics manufacturing operation, in several phases. The first phase of development, which should be complete by August this year, will see the Company build out approximately 30,000 square feet of space comprising; 8,000 square feet of office space, 12,000 square feet of laboratory space and 10,000 square feet of animal facilities, most of which will be utilized to house TranXenoGen’s growing flocks of transgenic chickens. The Company has four generic biological products, one in-house monoclonal antibody and two partners’ monoclonal antibody products under development. The remaining 14,000 square feet, in building one, of the facility will accommodate the Company’s anticipated expansion over the next few years.
In an anticipated second phase of development, TranXenoGen expects to build out the 32,000 square feet of space in building two to accommodate its large-scale purification facilities. The Company anticipates over the next two or three years to develop the capability to purify its own, as well as its partner’s products in-house.
Commenting on the purchase, TranXenoGen’s President and CEO, Steve Parkinson, said: "We told people at the time of our IPO last July, that TranXenoGen would move forward rapidly to develop world class manufacturing technology and facilities. The purchase of this building is the next step towards our goal. This year the Company expects to have at least ten products in development, and we need to make sure we can accommodate the expansion of our product development efforts. The purchase of this building reflects the fact that TranXenoGen is planning for the next five years and beyond. We expect that we will even be able to undertake full-scale purification eventually. We are committed to providing the full scope of manufacturing services that we promised to our partners, as well as bringing our own products to market as rapidly and cost effectively as possible."
TranXenoGen, Inc. (symbol: TXN.L) is a publicly listed company on the Alternative Investment Market of the London Stock Exchange. The company specializes in the application of second-generation transgenic technology to the production of complex high-volume human therapeutic proteins in the egg albumin fraction of transgenic chicken eggs.