Vitreon America, Inc. announced plans today to relocate its headquarters from Northern Virginia to Baltimore City in order to better partner with Maryland's world-class medical and botanical research institutions. The company's business model is based on a specialized plant database comprised of botanicals and phytochemicals that can be used in the creation of new medicines.
The botanical research company anticipates creating 200 full-time jobs at their new Wicomico Street location over the next five years. In addition to relocating its headquarters, the company also plans to establish its laboratory, research center, and grow zones in Baltimore City in approximately 200,000 square-feet of space.
"Baltimore offers all the business, scientific, and medical attributes that we need in order to capitalize on the vast potential of this industry," said Dr. J. Randall Hoggle, chairman of the board of Vitreon America, Inc.
"We are very pleased to welcome Vitreon America to Baltimore, with access to our highly-skilled workforce, top-rated universities and research institutions, and unparalleled reputation for innovation," said Governor Larry Hogan. "This relocation, and the 200 new jobs it will create, is a win for Baltimore City and our entire state as we continue to make Maryland a better place to live, work, and raise a family."
Founded in 2015, Vitreon has exclusively licensed Dr. James Duke's plant database, which is believed to be one of the most extensive in the world. With this database, Vitreon has the ability to validate current botanical discovery research projects and assist biopharmaceutical companies with development of new novel plant-based pharmaceuticals utilizing Vitreon's Botanicopeia. Vitreon is hoping to capitalize on the tremendous growth in the plant-based pharmaceuticals market, which brought in $290 million in 2016 with projections to grow to $1.2 billion by 2025.
"Potential partnerships with 13 colleges and universities as well as two established bioparks makes Baltimore very attractive to companies in medical, biotechnology, and now botanical research and development,"said William H. Cole, president & CEO of the Baltimore Development Corporation.