BioFactura, Inc., a biopharmaceutical development company that recently constructed a new headquarters facility in the Riverside Research Park in Frederick, plans to create 25 new jobs over the next four years.
The company, which graduated last year from the Frederick Innovative Technology Center and currently has five employees, recently built a 5,520 square-foot facility to accommodate its headquarters, as well as its research and development and manufacturing operations.
The expansion is expected to bring significant advancement to BioFactura's development and manufacturing of generic biological drugs known as biosimilars. These products are highly similar alternatives to the very effective blockbuster drugs that are the major cost drivers for the increase in healthcare costs in the country.
"BioFactura's biosimilars will allow for increased accessibility, reduction in price and improved outcomes for patients," said Darryl Sampey, president and CEO of BioFactura. "We are excited with the expansion of our workforce, laboratories, and manufacturing in Frederick, and are grateful to the city and state for their support and investment."
To assist with the expansion, the Maryland Department of Commerce has approved a $50,000 conditional loan through the Maryland Economic Development Assistance Authority and Fund (MEDAAF) program. The City of Frederick also approved a $10,000 conditional loan to help the company outfit its new facility.
"BioFactura is a prime example of the innovative young companies that are thriving in Maryland's biopharmaceutical industry and we are proud to support their expansion," said Governor Hogan.
"With world-class universities, key federal agencies like the U.S. Food and Drug Administration and the National Institutes of Health, and a critical mass of life sciences companies, Maryland offers an outstanding environment for emerging companies like BioFactura to grow and collaborate with industry partners," said Maryland Commerce Secretary Mike Gill.
"We have been a big supporter of BioFactura since they were in the business incubator. We are delighted that they have decided to take space at the Riverside Research Park along with a number of other graduates," said Richard Griffin, director of economic development for the City of Frederick.