CUMBERLAND, R.I., Oct. 21 /PRNewswire/ -- Neurotech Pharmaceuticals, Inc., a privately-held biotechnology company focused on the development of sight-saving therapeutics for chronic retinal diseases, announced today the opening of its new 27,000 square-foot GMP manufacturing facility in Cumberland, Rhode Island.
With support from the Rhode Island Economic Development Corporation (RIEDC) and its financing programs, Rhode Island Industrial Facilities Corporation (RIIFC) and Rhode Island Industrial-Recreational Building Authority (IRBA), Neurotech was approved for a $4 million financing to help pay for the cost of equipping this facility.
The Company's lead development program is NT-501 for the treatment of Retinitis Pigmentosa (RP) and the dry form of age-related macular degeneration (dry AMD). NT-501 is an intraocular, cell containing polymer implant designed to provide continuous, long-term release of the therapeutic protein Ciliary Neurotrophic Factor (CNTF) directly into the back of the eye by means of the Company's proprietary Encapsulated Cell Technology. CNTF, a well established neurotrophic factor, rescues dying retinal photoreceptors and protects them from degeneration.
"We are extremely pleased to locate our manufacturing facility in Cumberland, RI and to have the support of the State in helping us equip the facility," said Ted Danse, President and CEO of Neurotech. "Due to the State's support we were able to finance the costs of the manufacturing equipment at a very attractive cost of capital. We are looking forward in continuing to work with the State as we continue to develop our unique technology and expand our infrastructure."
"High tech manufacturing in the biotechnology industry is a critical
component of our economic development and job growth strategy," said
Governor Donald L. Carcieri. "I commend Neurotech for their commitment to
expand operations and create new job opportunities here in Rhode Island,
and am pleas
|SOURCE Neurotech Pharmaceuticals, Inc.|
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