Chesapeake Biological Laboratories Inc., a Baltimore-based producer of genetically engineered drugs, will move its headquarters staff and warehouse space to Owings Mills next month to expand its manufacturing space at its city location.
The company said it has signed a five-year lease for 19,200 square feet at the Business Center in Owings Mills.
The lease, with the Crondall Lane Limited Partnership, more than doubles the 15,000 square feet the company now occupies at Seton Business Park.
Most of the new space, 15,000 square feet, will be used as a warehouse to receive and quarantine raw materials and to store finished products.
The remainder will house administrative staff.
Chesapeake is a specialty manufacturer of biologically derived drugs for major pharmaceutical firms.It also helps researchers and biopharmaceutical firms without access to their own manufacturing plant prepare drugs for clinical trials and market successful discoveries.
William P. Tew, chairman of Chesapeake, said the company is growing to meet new demand, which he called stronger than ever despite speculation that national health reforms will slow new drug development.
"The development of new pharmaceuticals, particularly bio-pharmaceuticals, those derived from genetic engineering or other natural sources -- the development of those products is growing by leaps and bounds," Mr. Tew said.
Chesapeake plans to add 10 people in the next year, Mr. Tew said. It now employs 47 full-time staff.
The company, which trades its stock over the counter, earned $257,000 on revenues of $3.4 million for the year that ended March 31.
In the first quarter that ended June 30, profits rose 47 percent, to $327,000, over the year-ago quarter. Revenues were up 27 percent in the same period, to $1.3 million.