We are thrilled to have TPI as an anchor tenant as their business and operations acumen will be very beneficial for the developing and emerging biotech companies not only at the UTP at IIT, but also for Chicago and the Midwest.
Chicago (Vocus) April 23, 2010
Therapeutic Proteins Inc. (TPI) today announced the completion of the nation’s first independent, dedicated, follow-on biologics (or biosimilars) manufacturing facility constructed to meet U.S. Food and Drug Administration (FDA) requirements. The Chicago facility is located at University Technology Park at IIT (Illinois Institute of Technology).
Therapeutic Proteins Inc. has developed several off-patent biological drugs (recombinant proteins) used as life-saving therapies and which comprise a significant part of the total biological drugs market of around $40B. TPI only produces the therapeutic proteins as active pharmaceutical ingredients (API) for pharmaceutical manufacturers to formulate, package and sell these products to consumers. With the completion of the company’s new manufacturing facility in the U.S., TPI will be able to produce FDA-regulated API’s domestically, which goes against the trend of outsourcing manufacturing to other countries.
“We anticipate exporting bulk API in the fourth quarter of this year, and we will submit BLAs (biological license applications) to the FDA for new products once the agency establishes guidelines for biosimilars,” said Thomas L. Flynn III, CEO of Therapeutic Proteins. “The newly enacted healthcare bill directs the FDA to establish a regulatory framework for the marketing authorization of follow-on biologics.”
TPI currently has 13 employees, and the company expects to create more than two dozen new high-tech jobs in Chicago by January 2011.
“Keeping TPI in Illinois is a real win for the state’s emerging biotechnology industry,” said Warren Ribley, director of the Illinois Department of Commerce and Economic Opportunity (DCEO). “The State’s initial capital investments in UTP helped attract IIT’s developer partner, Wexford Science + Technology, LLC, who sealed the deal with TPI.”
”We are thrilled to have TPI as an anchor tenant as their business and operations acumen will be very beneficial for the developing and emerging biotech companies not only at the UTP at IIT, but also for Chicago and the Midwest,” said David Baker, Executive Director, University Technology Park. “It shows the world that Chicago is a developing hub for life-improving therapeutic agents that will serve to lower health care costs and improve the lives of many in need.”
The completion of the first independent, follow-on biologics API manufacturing plant in the U.S. is another important step toward lowering the nation’s health care costs. Several studies over the past three years have indicated that cost-savings realized from biosimilars could reach tens of billions of dollars, perhaps even surpassing $100 billion, over a 10-year period.
“The use of follow-on biologics, or biosimilars, will contribute to the Medicare savings outlined in the health reform bill signed into law by President Obama,” Flynn said. “We look forward to using our proprietary technology in our new Chicago facility to help bring biologic-based therapies to more patients in the U.S. and around the world.”
About Therapeutic Proteins Inc.
Therapeutic Proteins Inc. (TPI) has developed a proprietary processes to manufacture recombinant proteins at the lowest possible cost; the technology involved patented bioreactors and deployment of the world’s first totally single-use systems to manufacture drugs, using CHO and E. Coli. TPI has developed several products, including TheraPoietin®, TheraGastrim®, and TheraFeron®, and has additional biologics in its new product pipeline. TPI offers its API for sale as well as for licensing on an exclusive basis to its worldwide clients. For more information, visit http://www.theraproteins.com .
About University Technology Park at IIT (UTP)
The University Technology Park at IIT (UTP) is home to more than 20 emerging technology-based companies and the Illinois Institute of Technology’s Pritzker Institute for Biomedical Science + Engineering. Launched in 2006, UTP's mission is to move innovation forward by providing quality flexible lab and office space for technology companies at every stage of their growth, and by offering tenants the resources of IIT and the community. The park's four-building complex includes the Technology Business Center (TBC), a technology incubator, a 19-story office tower, and the IIT Research Institute. For more information, visit http://www.universitytechnologypark.com .
About Wexford Science & Technology, LLC
Wexford Science & Technology, LLC (http://wexfordequities.com ) is a privately held real estate investment and development company that delivers the real estate solution for science, technology, and healthcare based organizations. Headquartered in Baltimore, Wexford Science & Technology has projects in the contiguous United States with the University of Maryland, Baltimore, The Science Center (Philadelphia), Illinois Institute of Technology, Old Dominion University, the Hershey Center for Applied Research (Hershey Trust) , the University of Miami, and Wake Forest University.
For more information, contact:
Catherine E. Vorwald
Director, Business Development
Wexford Science + Technology, LLC
Thomas L. Flynn III
Chief Executive Officer
Therapeutic Proteins Inc.