SOUTH PLAINFIELD, N.J.,
Aug. 5, 2019 /PRNewswire/ -- PTC
Therapeutics, Inc. (NASDAQ: PTCT) today announced it has signed a
long-term lease agreement with Bristol-Myers Squibb Company (NYSE:
BMY). Under the lease agreement, PTC will gain access to
approximately 185,000 square feet of space, including an existing
state-of-the-art biologics production facility and supporting
research and operations buildings on the BMS Hopewell, N.J. campus. PTC plans to further
develop the biologics facility to support gene therapy production
and foster innovation and employment in the community. In addition,
PTC plans to move its research operations to a newly renovated
building on the same campus. These facilities will complement and
enhance existing operations at PTC global headquarters in
South Plainfield,
N.J.
"The Hopewell facility is a
vital part of our strategy to develop best-in-class therapeutics
for patients with high unmet medical need," said Stuart W. Peltz, Ph.D., Chief Executive Officer,
PTC Therapeutics, Inc. "Obtaining this facility allows PTC to
execute on our plans of rapidly advancing our gene therapy
pipeline. Access to best-in-class technology and highly qualified
biologics operation specialists is key for PTC to meet our goal of
becoming a leader in gene therapy."
The facility is located on an existing BMS property encompassing
over a million square feet which BMS is transitioning to a
multi-tenant research and development campus. PTC intends to
initially dedicate the cGMP suites on the site, which were recently
renovated, to produce material to serve multiple pre-clinical and
clinical programs, adding to the current pre-clinical production
capacity in Bridgewater, N.J.
Together with the start-up of the gene therapy development and
production operations, PTC plans to relocate and expand its global
discovery and research operations to the same site in 2020.
About PTC Therapeutics, Inc.
PTC is a science-led,
global biopharmaceutical company focused on the discovery,
development and commercialization of clinically-differentiated
medicines that provide benefits to patients with rare disorders.
PTC's ability to globally commercialize products is the foundation
that drives investment in a robust pipeline of transformative
medicines and our mission to provide access to best-in-class
treatments for patients who have an unmet medical need. To learn
more about PTC, please visit us on www.ptcbio.com and follow us on
Facebook, on Twitter at @PTCBio, and on LinkedIn.
For More Information:
Investors:
Emily
Hill
+1 (908) 912-9327
ehill@ptcbio.com
Media:
Jane Baj
+1 (908) 912-9167
jbaj@ptcbio.com
Forward-Looking Statements:
This press
release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995. All
statements contained in this release, other than statements of
historic fact, are forward-looking statements, including statements
regarding: the future expectations, plans and prospects for PTC;
expectations with respect to PTC's gene therapy platform;
expectations with respect to the potential financial impact and
benefits of the lease agreement for the Hopewell site; PTC's strategy, future
operations, future financial position, future revenues, projected
costs; and the objectives of management. Other forward-looking
statements may be identified by the words "guidance", "plan,"
"anticipate," "believe," "estimate," "expect," "intend," "may,"
"target," "potential," "will," "would," "could," "should,"
"continue," and similar expressions.
PTC's actual results, performance or achievements could differ
materially from those expressed or implied by forward-looking
statements it makes as a result of a variety of risks and
uncertainties, including those related to: expectations with
respect to the potential financial impact or PTC's ability to
realize the anticipated benefits of the acquisition of Agilis and
its gene therapy platform; expectations with respect to PTC's
ability to obtain marketing approval of product candidates acquired
from Agilis within the expected time period; PTC's ability to
effectively utilize the Hopewell
site, including with respect to the continued development of gene
therapy product candidates; PTC's ability to satisfy its
obligations under the terms of the lease agreement for the
Hopewell site; PTC's scientific
approach and general development progress; and the factors
discussed in the "Risk Factors" section of PTC's most recent
Quarterly Report on Form 10-Q and Annual Report on Form 10-K, as
well as any updates to these risk factors filed from time to time
in PTC's other filings with the SEC. You are urged to carefully
consider all such factors.
As with any pharmaceutical under development, there are
significant risks in the development, regulatory approval and
commercialization of new products. There are no guarantees that any
product will receive or maintain regulatory approval in any
territory, or prove to be commercially successful, including any
gene therapy product candidates.
The forward-looking statements contained herein represent PTC's
views only as of the date of this press release and PTC does not
undertake or plan to update or revise any such forward-looking
statements to reflect actual results or changes in plans,
prospects, assumptions, estimates or projections, or other
circumstances occurring after the date of this press release except
as required by law.
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SOURCE PTC Therapeutics, Inc.