AssureRx Health Inc. in Mason is bursting at the seams and looking to triple its office space by the end of the year, says chief executive officer James S. Burns.
The Enquirer’s Mike Boyer has the details:
The 4-year-old biotech company now leases about 3,500 square feet in an office building in the Columbia Commons business park off Interstate 71.
But the company, which started the year with 13 employees, expects to have just over 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.
“Right now we have people almost sitting on top of each other,” Burns said Thursday.
The company, which secured $11 million in funding from two nationally known venture capital firms earlier this year, hopes to find space in the business park or nearby, he said.
Burns said the response from the psychiatric community has been better than expected to AssureRx’s technology, which 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.
The company 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.
The company’s technology was initially developed at Cincinnati Children’s Hospital Medical Center. The company also received key support from local investors including CincyTech and the state of Ohio, which made a $1.2 million development loan to the company last year.
AssureRx recently hired three executives to flesh out its seven-member senior staff.
The new executives are: C. Anthony Altar, an expert in genetic drug therapy, senior vice president and chief science officer; Karen E. Schellin, former vice president of operations at EyeMed Vision Care, vice president of finance, and Alexander H. Burgess, who has extensive experience in social media marketing, as vice president of marketing.
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