WASHINGTON — Rockville, Maryland-based biotechnology company REGENXBIO will relocate to a larger headquarters and research facility, and double its workforce again, within five years.
The company currently has about 150 employees, and with several gene therapy trials underway, will expand to a larger laboratory and research space at 9800 Medical Center Drive in Rockville.
As part of the expansion, Maryland has approved a $700,000 conditional loan. Montgomery County has approved a $100,000 conditional grant, and will help with expediting permits for the new location.
The new headquarters and research facility will include 132,000 square feet of office, laboratory and manufacturing space. It will be built by Alexandria Real Estate Equities. REGENXBIO also has options on the remainder of the 175,000-square-foot facility.
“The recent clinical progress and data presented across our internal and partnered development programs continues to reinforce the strength and benefits of our NAV Technology platform for patients,” said CEO Kenneth Mills.
“The relocation of our headquarters will enable us to continue to meet our needs for growth in our talent and capabilities.”
NAV Technology is REGENXBIO’s proprietary gene therapy delivery platform, which delivers genes to cells in order to address genetic defects or otherwise enable cells to resist diseases.
REGENXBIO, which went public on the Nasdaq stock market in 2015, had $5.3 million in third quarter revenue, primarily from licensing revenue it gets from development milestones.
The company had a $19.2 million third quarter net loss, and expects to end the year with $470 million in the bank for continued development of its lead candidates.
The company has doubled the size of its workforce every 18 months since 2015.