Vericel Announces Plans for a New State-of-the-Art Cell Therapy Manufacturing Facility to Support Long-Term Growth
03 February 2022 - 8:05AM
Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies
for the sports medicine and severe burn care markets, today
announced that it has entered into a long-term lease agreement for
a new state-of-the-art advanced cell therapy manufacturing and
corporate headquarters facility at the Network Drive campus at
Northwest Park in Burlington, Massachusetts.
The new facility, which will include approximately 125,000
square feet of manufacturing, laboratory, and office space, will
significantly increase the Company’s cell therapy manufacturing
capacity to support the long-term growth of MACI® (autologous
cultured chondrocytes on porcine collagen membrane) and Epicel®
(cultured epidermal autografts). The Network Drive facility is
expected to be completed in 2024, with commercial manufacturing
expected to begin in 2025. The Network Drive Campus is designed and
operated in accordance with existing LEED Gold and Fitwel Level 2
certifications and the new facility will be included in those
certifications.
“We expect to sustain our strong long-term revenue growth for
many years given our highly innovative products, significant
barriers to entry and large underpenetrated markets,” said Nick
Colangelo, President and Chief Executive Officer of Vericel. “This
important manufacturing expansion plan represents another major
milestone for the Company and demonstrates our confidence in the
continued growth trajectory of MACI and Epicel in the years ahead.
We also are very pleased to locate our new facility in a campus
focused on developing and managing environmentally responsible real
estate in the Boston area, which will ensure that we will have
continued access to the world-class talent and infrastructure that
is critical to our long-term success.”
About Vericel CorporationVericel is a leader in
advanced therapies for the sports medicine and severe burn care
markets. The company markets two cell therapy products in the
United States. MACI® (autologous cultured chondrocytes on porcine
collagen membrane) is an autologous cellularized scaffold product
indicated for the repair of symptomatic, single or multiple
full-thickness cartilage defects of the knee with or without bone
involvement in adults. Epicel® (cultured epidermal autografts) is a
permanent skin replacement for the treatment of patients with deep
dermal or full thickness burns greater than or equal to 30% of
total body surface area. The company also holds an exclusive
license for North American rights to NexoBrid®, a
registration-stage biological orphan product for debridement of
severe thermal burns. For more information, please visit the
company’s website at www.vcel.com.
Epicel® and MACI® are registered trademarks of Vericel
Corporation. NexoBrid® is a registered trademark of MediWound Ltd.
and is used under license to Vericel Corporation. © 2022 Vericel
Corporation. All rights reserved.
Forward Looking StatementsThis press release
contains forward-looking statements. Forward-looking statements are
subject to risks and uncertainties such as those described
in Vericel’s periodic reports on file with the Securities
and Exchange Commission. Actual results may differ materially from
anticipated results.
Investor Contacts:Eric Burnsir@vcel.com+1 (734)
418-4411
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