TransTech Pharma, a clinical pharmaceutical development company, and PharmaCore, a sister company, will expand in High Point and create 205 jobs during the next five years, state and local officials said.
The North Carolina Economic Investment Committee approved a $6.6 million Job Development Investment Grant for the companies. The High Point City Council also approved more than $3 million in incentives for the companies during a Dec. 17 council meeting.
"In North Carolina we are focused on the jobs of the future like those in the biotechnology and pharmaceutical industries," Gov. Mike Easley said in a statement. "TransTech Pharma and other 21st century companies know North Carolina is providing the education and training for the kind of dedicated, skilled workers they need to succeed."
Company officials have said they would invest $23.3 million in expanding its facilities. The companies occupy about 77,000 square feet of space at a corporate park off Mendenhall Oaks Parkway in High Point. The expansion plans call for a 30-acre campus containing about 186,000 square feet of space.
Gwyn Riddick, director of the Biotechnology Center's Piedmont Triad office, said: "TransTech Pharma and PharmaCore's decision to stay in High Point is great news for the Piedmont Triad and the bioscience community."
"Their translational cutting edge pharmaceutical work coupled with their accomplishments and expanded investment in their company and employees are important elements to the region's future success, he said." "We are glad Dr. Adnan M. M. Mjalli and his high-tech team is continuing to prosper and expand here locally."
Commercialization of Small-Molecules
TransTech's 125 employees are focused on the discovery, development and commercialization of small-molecule and protein therapeutics for the cardiovascular, oncology, central nervous system, diabetes and obesity markets.
The company's proprietary drug-discovery engine, a highly automated platform called TTP Translational Technology, translates genomic and other biological data into effective small-molecule therapeutics, bypassing many of the traditional bottlenecks in drug discovery.
TransTech has developed collaborations with national and international corporations to discover and develop new therapeutics for the treatment of chronic diseases.
Some of the ventures are with Novo Nordisk, Merck and Co., Cephalon and Siga Technologies. Recently, TransTech entered into two major multi-million dollar deals:
- A $173 million out-license to Pfizer of compounds for the treatment of Alzheimer's disease and diabetic disorders
- An exclusive license from Novo Nordisk for several clinical projects including a clinical enzyme program to help diabetics control their glucose levels.
TransTech received the North Carolina Biotechnology Economic Development Award in 2007 during a North Carolina reception at the Biotechnology Industry Organization conference and exhibition in Boston.
About PharmaCore
PharmaCore is a commercial pharmaceutical development company spun from TransTech Pharma in 1999. PharmaCore provides manufacturing and other chemistry services to pharmaceutical and biotech companies, including TransTech Pharma &mdash in the United States and Europe.