BIOTECH FIRM RELOCATES HQ TO COLORADO SPRINGS

HemoGenix LLC, a biotechnology contract research and development laboratory, has announced the relocation of its headquarters from Columbia, South Carolina, to Colorado Springs, Colorado.

COLORADO SPRINGS, CO (PRWEB) September 28, 2003 --
HemoGenix LLC, a biotechnology contract research and development laboratory, has announced the relocation of its headquarters from Columbia, South Carolina, to Colorado Springs, Colorado.

HemoGenix specializes in testing potential new drugs that are in the process of being developed by biotechnology and pharmaceutical companies for their toxic side effects on stem cells of the blood-forming system. HemoGenix can draw on over 200 tests and procedures in its armory to help drug development companies detect and analyze potential toxic side effects. The company also develops its own new tests to provide the biotechnology and pharmaceutical community with new and improved tools to detect toxicity. HemoGenix is one of only three companies that perform this type of testing and is the only company in the world that has made this their single specialty.

According to Ivan Rich, Founder and Chief Executive Officer of HemoGenix, "Colorado Springs and the State of Colorado has provided all the necessary infrastructure required by HemoGenix to fulfill its goal of expansion of its service and products and its mission to help provide the biotechnology and pharmaceutical industry with the tools to help produce effective, reliable and safe drugs for patients. The Greater Colorado Springs Economic Development Corporation has been instrumental in bringing all the pieces together."

In May 2003, HemoGenix was awarded a $960,000 Small Business Innovative Research (SBIR) grant from the National Cancer Institute (NCI), part of the National Institutes of Health (NIH) in Bethesda, MD, to develop and commercialize its
proprietary HALO (Hemotoxicity Assays via Luminescence Output) testing platform. HALO is unique because it is the only system available that can test and help predict the effects of virtually hundreds of compounds simultaneously on cells of the blood-forming system. Originally developed specifically as an outsourcing service for drug development companies, HemoGenix will begin production in 2003 of HALO technology as a kit for individual researchers at universities, hospitals and clinics and other institutes worldwide in their own laboratories. The company's revenues are expected to reach $3.0 million by the end 2005.

HemoGenix was established in March 2000 by Dr. Ivan Rich who has 30 years in academic research and previous business experience as founder and CEO of Specialized Culture Technologies in Germany.

Relocation of HemoGenix to Colorado Springs provides the company with space to expand its service and imminent HALO kit production, as well as its expected increase in employees to approximately 50 by 2007. Colorado Springs also provides a small, but vibrantly growing biotechnology base with Analytical Development Corporation, with whom HemoGenix shares laboratory space, and the work of Dr. Karen Newell, Director of the Center of Bioenergetics at the University of Colorado at Colorado Springs. According to Dr. Rich, "The Front Range is home to a growing family of biotechnology companies, which together, provide serious competition to centers around the country in attracting new and established biotechnology companies to the region."

Rocky Scott, President of The Greater Colorado Springs Economic Development Corporation commented, "We are proud that HemoGenix has selected Colorado Springs for its new home. This announcement may be an indicator of future trends. Colorado Springs is well positioned to attract "boutique" companies that have a strong foundation for growth and higher paying salaries. HemoGenix is a significant step forward for the local biotech sector."

More information is available at
http://www.HemoGenix.com

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