New manufacturing facility
POINT Biopharma, a clinical-stage biopharmaceutical company, is planning to construct its first US manufacturing plant in Indianapolis, Indiana.
The investment in the proposed facility is expected to be more than $25m, which will be used to buy and upgrade an existing Indianapolis building into an advanced facility compliant with good manufacturing practices (GMP).
The Canadian company received tax incentives to the tune of $1.27m from the Indiana Economic Development Corporation (IEDC), subject to the fulfilment of the commitment to generate up to 113 new job opportunities. In addition, the IEDC granted up to $500,000, conditional upon POINT’s planned investment in the state.
At the request of Develop Indy, the economic development agency for the City of Indianapolis, the local government will explore the possibility of providing more incentives to the company.
POINT Biopharma expects to relocate to its new location in the second half of 2020, with the facility anticipated to become fully operational by 2021.
The manufacturing plant is expected to create over 100 new job opportunities by the end of 2024.
The current food-grade building where the development of the facility will take place is located at 4850 W. 78th Street in Indianapolis.
The building extends over an area of 77,000ft². The Indianapolis location will allow the company to bring its products to other coast markets swiftly.
Through the facility, POINT will be able to expand its drug manufacturing activities. It will have the capacity to manufacture more than 400,000 doses a year of radioligands for the treatment of cancer. The facility will focus on providing life-saving cancer therapies to patients around the globe.
The next-generation manufacturing facility will benefit from the talent pool and life science ecosystem in Indiana. Customised equipment will be installed at the centre to establish clean-room manufacturing facilities and increase the company’s packaging and distribution functionalities.
Initial recruitment efforts will see the company hiring more than 30 Indiana-based employees within the next two years before speeding up the hiring to support the ramp-up of manufacturing.
Hiring will commence by the end of 2020 to fill positions in manufacturing and quality assurance.
Radioligands are biochemical substances used to diagnose and treat cancers. They are considered safe for use in the treatment of cancers such as thyroid cancer, neuroendocrine tumours, non-Hodgkins lymphoma and prostate cancer.
The ligand scans for and binds to cancerous cells and then delivers radiation to kill the DNA of the tumour cells without damaging the surrounding healthy cells. The immune system is then directed to the source of the illness and the medicinal effect is intensified.
Cancer therapies using radioligands may have fewer or less serious side effects when compared to chemotherapy. Such treatments are usually called radioligand therapy or theranostics.
POINT Biopharma is a multinational radiopharmaceutical company engaged in the development and commercialisation of radioligand therapies for cancer patients. Founded in late 2019, the company is headquartered in Ontario, Canada.
The company specialises in the areas of radiopharmaceutical testing, production and commercial use. It established strategic partnerships in radioisotope supply, manufacturing technology and patient-focused approach to revolutionise the development of radioligand drugs and theranostic marketing.
Furthermore, it partnered with a clinical research organisation (CRO) PSI CRO for the management of its phase three clinical study of PNT2002. The company’s PNT2002 is a 177Lu-PSMA radiotherapeutic proposed for the treatment of prostate cancer, with the clinical trial programme expected to take place later in 2020.
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