CONTACT:
Ashby Heath
Stanton Communications (for the UM BioPark)   
410-727-6855 or [email protected]

Grand Opening Celebration for Building Two Scheduled for March 31

Baltimore (March 28, 2008) - The University of Maryland BioPark today announced that Paragon Bioservices, Inc., a Baltimore-based contract research and manufacturing organization, has signed to become a tenant in the BioPark’s Building Two. An event celebrating the grand opening of Building Two is scheduled for March 31.

Paragon’s expansion into the University of Maryland BioPark will more than double its current operating space to 21,000 square feet of state-of-the-art GMP, pre-clinical laboratories and office space.  Paragon expects to double its staff by the first quarter of 2009 and projects to reach 70-75 employees by 2010.  The company’s expansion to the BioPark may qualify it for up to $5.5 million under income tax credits and refunds under the One Maryland Income Tax Credit Program, administered by the Maryland Department of Business and Economic Development. 

“Maryland’s world-class colleges and universities, cutting-edge technology companies and highly-skilled workforce position our State to be a national leader for biotech and life sciences,” said Governor Martin O’Malley, who, as Mayor of Baltimore, was a strong advocate for the development of the UM BioPark. “Paragon joins an amazing group of companies that are pursuing life saving work here in Maryland.” 

"We are pleased to announce Paragon as the latest in a growing list of new tenants at the BioPark," said Jim Hughes, President of the University of Maryland BioPark.  "Paragon will be a welcome addition as they will serve the growing needs of our current and future tenants."

"Paragon is eager to expand its presence at the University of Maryland BioPark, where we will be providing research services as well as GMP production of Phase I/II therapeutic proteins, reagents for diagnostics, and candidate vaccines, " said Marco A. Chacón, PhD, President / CEO of Paragon Bioservices and Chairman of IRAZÚ BioDiscovery, LLC – a Regenerative Medicine Company that will also be part of the BioPark.

Chacón added, “We are proud to be part of this exciting convergence of leadership from the University, commitment on the part of the developer, Wexford Science+Technology, financial support from our bank (M&T), and other incentives from the City of Baltimore and the State of Maryland.  Furthermore, Paragon will do its part in providing vision and entrepreneurship, employment opportunities for young scientists and engineers, as well as continuing to promote the economic development of our communities.”

About Paragon Bioservices, Inc.

Founded in 1990, Paragon is currently located at the Johns Hopkins Bayview Research Campus.  Paragon’s mission is to partner with pharmaceutical and biotechnology companies, as well as academic laboratories, in accelerating genomics and proteomics based drug discovery and development. Paragon has anticipated the outsourcing needs of these sectors and has worked diligently in structuring an integrated series of services in response to these needs.  With 85% of its revenues coming from out-of-state, Paragon will continue to showcase Baltimore and Maryland among leading Pharmaceutical and Biotechnology Companies.  For more information, please visit www.paragonbioservices.com

About University of Maryland BioPark

The University of Maryland BioPark offers sophisticated laboratory and office space for early-stage to mature bioscience companies.  To date, the BioPark includes 360,000 square feet in two multi tenant buildings and one 638 space parking garage.  The project has created 200 jobs and $128 million in capital investment. The BioPark was named by the Association of University Research Parks as the best emerging research park of the year in October 2007.   For more information, please visit www.umbiopark.com