Biotechnology company Vyriad has revealed plans to construct a facility in Rochester, Minnesota, to manufacture its oncolytic virus therapies for the treatment of various cancers.
The company has signed a contract for the construction of the 25,000 square foot production facility on the IBM Campus.
The new plant will have offices, research laboratories, and an advanced Good Manufacturing Practice (GMP) facility. It will facilitate production, quality-control testing, and the delivery of clinical-grade oncolytic virus therapies for later-stage clinical studies.
Around $370,000 in equipment funding will be provided by the state of Minnesota and the city of Rochester. In addition, proceeds from $9m secured convertible note financing will be used to fund the construction of the facility.
Mayo Clinic, Rochester Area Economic Development, and the Southeast Minnesota Capital Fund participated in the convertible note financing.
Vyriad President and CEO Dr Stephen Russell said: “With the custom buildout of this facility, Vyriad is taking a giant leap forward in delivering our novel oncolytic virus therapies to patients.
“With two clinical-stage oncolytic virotherapy platforms and an expanding pre-IND pipeline, this Rochester facility will enable us to more rapidly advance our multi-pronged assault on cancer. We greatly appreciate the strong support we have received from Mayo Clinic and at the local and state levels, and we look forward to continuing to work with Mayo Clinic in our mission to deliver important new therapies to patients as well as drive local bioinnovation and economic development in Rochester and Minnesota for years to come.”
The initial buildout of the new plant has already started and the facility will be fully operational in the fourth quarter of this year.
Following its completion, Vyriad’s employees will work together from one location at the facility.