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Xenetic drug development operation to be re-located to Massachusetts

Xenetic Biosciences (LON:XEN) this morning announced it is relocating its drug development operations to Massachusetts.
Xenetic drug development operation to be re-located to Massachusetts

 

Xenetic Biosciences (LON:XEN) this morning announced it is relocating its drug development operations to Massachusetts.

Currently the group, which is working on treatments for rare and orphan diseases, carries out in-house optimisation and pre-clinical work at its own laboratories here in the UK.

The decision to head to one of the world’s preeminent biotechnology hubs follows a March 2011 visit to Britain by a delegation from industry and academia led by state governor Deval Patrick, Xenetic revealed. 

The company will hire up to six employees in Massachusetts before the end of the year and has plans to have increased this to 20 within 12 months of that date.

Chief executive Scott Maguire, a native of Boston, said: "Committing our company's entire drug development operations to Massachusetts is certainly a bold step but is surely one which presents an excellent opportunity to prove ourselves as a leading technology provider in the quest to develop better drug therapies which address areas of unmet need and confer genuine advantage to both patients and providers.  

“We have worked closely with the Patrick Administration as we made this decision, and I have every confidence that the team in Massachusetts will be working with us every step of the way to maximize the likelihood of this being another great success for the Massachusetts supercluster."

Xentic’s three leading drug candidates are PolyXen, which extends the efficacy of biologic drugs, OncoHist, which is a potential breakthrough cancer treatment, and ImuXen, for creating and improving vaccines.

 

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