Senator Menendez, Lt. Governor Guadagno Unveil New Biotech Firm Oncobiologics Announcing Joint Ventures, Cranbury Company Will Generate 200 NJ Jobs
CRANBURY, N.J., Oct. 17, 2011 /PRNewswire/ -- Sen. Robert Menendez (D-NJ), Lt. Gov. Kim Guadagno and regional leaders of the biopharmaceutical industry Friday unveiled the state-of-the-art home of Oncobiologics, a novel biotech firm enabled, in part, by the U.S. Affordable Care Act.
"We are committed to advancing innovative and improved biotherapeutics to treat serious diseases, including cancer and immune disorders, by leveraging proprietary technologies and expert science and engineering," said Oncobiologics Founder & CEO Pankaj Mohan, Ph.D. "Our leadership team represents some of the most respected professionals from the pharmaceutical industry who have joined Oncobiologics because of our collective commitment to improve the lives of patients around the world. The industry partnerships we have already created with organizations like the Fox Chase Cancer Center and two agreements totaling $80 million that we have just finalized this week will allow Oncobiologics to be an engine for product development in oncology and immunology."
The first of the two agreements is with Parilis Biopharmaceuticals, an early-stage biotech company, and involves worldwide licensing for an undisclosed biotherapeutic product. The second is with a U.S. based large pharmaceutical company to conduct research focused on solving issues related to downstream processing of monoclonal antibodies. The identity of the client firm was not disclosed due to confidentiality terms in the agreement.
Oncobiologics and the Fox Chase Cancer Center, the renown Philadelphia cancer research and treatment center, have created a strategic partnership to co-develop a novel, next generation bi-specific antibody cancer platform with enhanced therapeutic capabilities against solid tumors. The jointly engineered platform is designed to handle multiple targets, representing a pipeline of promising cancer treatments.
"Companies like Oncobiologics hold so much promise for our health care system and our economy in general, but oftentimes they're not able to survive in an economic environment where private capital is simply unavailable," said U.S. Senator Robert Menendez. "This grant, made possible thanks to the Affordable Care Act and the Therapeutic Discovery Project Credit we were able to successfully include in the legislation, is about investing in the future. It's about boosting the economy, creating new jobs, and shining a light on the best and brightest from some of our most distinguished top-tier global pharmaceutical and biotech companies. When I look at companies like Oncobiologics, I see the best of America and the best of New Jersey. I see the promise for another American century within our reach, starting right here at home."
Oncobiologics was founded in January 2011 and expects to employ nearly 200 people within two years. The company received initial funding through the Qualifying Therapeutic Discovery Project, Senator Menendez's initiative that was part of the health insurance reform legislation President Barack Obama signed into law in March. The company has also received support through the Small Business Administration and the New Jersey Small Business Development Center.
"The opening of Oncobiologics' new facility in Cranbury not only brings 200 jobs to our state, but reinforces New Jersey's status as a world leader in the life science industry," said Lt. Governor Kim Guadagno. "The groundbreaking work being done here will save lives and prolong life. We are honored to have Oncobiologics in New Jersey."
Attendees at the Oncobiologics ribbon cutting event toured the 25,000-square-foot research and development facility, which includes state-of-the art development laboratory space that emphasizes collaboration and innovation.
"With more than 325 biotechnology companies operating in New Jersey, the biotechnology industry is becoming increasingly more important to the economic future of our State," said Debbie Hart, President of BioNJ. "And as demonstrated by the opening of Oncobiologics here today, biotech in New Jersey continues to grow despite a tough economy and competition from other states and countries."
"Oncobiologics is a perfect example of how a biotechnology company is born," Hart continued. "Working from the foundation of an exciting new technology, a group of intrepid entrepreneurs have been able to bring together resources from the public and private sectors to fashion a company that is exploring new therapies for unmet medical needs and bringing high-paying jobs to the State."
About Oncobiologics, Inc.
Headquartered in Cranbury, N.J., Oncobiologics is utilizing a proprietary platform to develop a pipeline of next generation biotherapeutics focused on clinically validated targets in the therapeutic areas of oncology, immuno-oncology, and immunology. Oncobiologics provides world-class, turnkey proof-of-concept services that can take a partner's pre-clinical candidates from chemistry, manufacture and control development all the way through Phase II clinical trials. For more information, please visit www.oncobiologics.com or call 609-619-3990.
SOURCE Oncobiologics, Inc.