AssureRx Health Inc. and the City of Mason announced an agreement this morning to relocate the growing biotech firm’s headquarters and dry lab to the Mason Community Center at 6050 Mason-Montgomery Road.
The 10,000 square-foot faclity can accommodate more than 100 employees.
“This economic environment requires some new economic development tools to attract and retain businesses,” said Mason Vice Mayor David Nichols, who also chairs the Economic Development Committee of Mason City Council. “Mason Community Center coupled with a leadership team that understands the dynamic needs of high-tech, entrepreneurial companies has propelled Mason to a new class for business attraction and retention.”
“The new facility will accommodate our existing employees as well as our anticipated staffing increases over the next 3 to 5 years,” said Don Wright, executive vice president and COO of AssureRx Health. “Our new laboratory will meet the increasing demand for our pharmacogenetic test, GeneSightRx, and the anticipated market introduction of multiple new products through 2013.”
AssureRx expects to grow to more than 100 employees by 2014. AssureRx intends to move into its new space by the end of 2011.
The company now leases about 3,500 square feet in the Columbia Commons business park off Interstate 71.
“Ohio-developed technology, Innovation Ohio economic development loans and Ohio investment capital have all contributed to building our company, increasing nationwide demand for our lead product, GeneSightRx, and creating jobs here in the City of Mason,” said James S. Burns, president and CEO of AssureRx Health. “We are looking forward to becoming an integral part of Mason’s wellness community.”
In addition, while working out location details, the City will finalize a local and state incentive package to secure the AssureRx’s aggressive job creation forecast.
The company, which started the year with 13 employees, expects to have more than 40 on staff by year-end as it continues to roll out its GeneSightRx test kit, designed to help psychiatrists find the right drug for patients requiring antidepressant or antipsychotic treatment.
The test uses a cheek swap from the patient to help doctors determine how the patient might respond to specific medications based on his or her genes.
Sales were forecast to top $4 million this year and hit $25 million in three years, but Burns said the company is ahead of expectations.
It plans to introduce two new products in development in the first half of next year and pursue another round of venture funding in the second half of 2012.
AssureRx, which received $11 million in funding from two nationally known venture capital firms earlier this year, recently hired three executives to flesh out its seven-member senior staff.
“This isn’t the first time that Mason has been able to think outside the box to leverage the city’s desire to improve the quality of life for our residents and, in the process, generate economic development,” said Mason Mayor Don Prince. “We are so pleased with the partnership we’ve established with TriHealth that has provided both financial support to our Community Center, while offering them a state-of-the-art facility in the heart of Mason.”
The state of Ohio provided a $1.2 million loan to AssureRx Health for product development, with the requirement to create an estimated 30 jobs in the state during the 3-year period following the first quarter of 2011. Coupled with financing from Ohio investors, including CincyTech and Allos Ventures, AssureRx Health surpassed 30 employees two years ahead of schedule.
AssureRx Health also announced that it has completed data center upgrades to enhance the security, performance and capacity of its online web portal and data center in order to accommodate increased market demand. When the GeneSightRx test is performed, genetic results are stored in AssureRx’s Health data center, and made available to the clinician via a HIPAA-compliant and secure online portal.\
(via Cincinnati.com)
