A biotechnology company developing a cancer vaccine announced Tuesday that it has moved its headquarters to Fells Point from Frederick, bolstering Baltimore's efforts to become a hub for such firms.
Vaccinogen, which secured a deal for up to $80 million in venture capital last year, moved into new offices on Fell Street over the weekend. In August, the company appointed former Johns Hopkins surgeon Ben Carson as its chairman.
Company leaders were looking to be closer to other biotechnology companies, research universities and Baltimore-Washington International Thurgood Marshall Airport, CEO Andrew Tussing said.
The company employs nine people and seven contractors at the 10,000-square-foot facility, officials said. It has other employees in the Netherlands and Ireland, and other contractors in the United States.
"This places us in an ideal location to attract additional top scientific talent and business leaders to the company as we move forward," Tussing said in a statement.
Vaccinogen develops personalized vaccines to reduce the recurrence of cancer. It also is preparing for clinical trials of OncoVAX, a vaccine developed for colon cancer.
Baltimore Development Corp. President William H. Cole IV said the company was the first one he met with after taking the helm of the city economic development agency in August. While BDC officials checked in frequently with Vaccinogen, the city did not provide financial incentives for the relocation, he said.
"I think it's a tremendous sign when a company like this that is growing and is in a very innovative health technology field chooses Baltimore," Cole said.
Vaccinogen expects to grow in Baltimore as it readies for regulatory approval and sales of its vaccines. Company officials said they plan to go from 16 to 25 employees here over the next year.
Last month, the company closed a second $10 million round of investment out of an $80 million funding commitment from an investor group known as the Investment Syndicate, led by Swedish entrepreneur Anders Halldin, announced in August.
Shares in Vaccinogen trade over the counter and closed up 5 cents Tuesday at $3.50.
Tech Council of Maryland CEO Philip Schiff said Vaccinogen could benefit from being in Baltimore, where there is a concentration of companies and university researchers working on vaccines.
While Frederick has a strong biotech industry, led by biopharmaceutical company MedImmune, smaller companies such as Vaccinogen and those working in the specialized field of vaccine research can benefit from clustering together, he said.
"The more you can create a critical mass and the more you can share ideas, the more growth you will see," Schiff said.
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