CytoDyn, a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses, has relocated its corporate headquarters from Lutz, Florida to Lake Oswego, Oregon, effective immediately. The Company made the decision to relocate to Oregon because members of its new leadership team, including the new president and legal counsel, are based in the state as well as some of the Company’s largest shareholders. As one of the fastest growing biotechnology states, Oregon will also provide a strong community of support for the growing Company.
“CytoDyn is focused on developing monoclonal antibodies for the treatment and prevention of infectious diseases, specifically HIV. We are pleased to call Oregon home and to be joining the growing list of esteemed biotechnology companies in the state,” said Dr. Nader Pourhassan, CytoDyn’s interim President and CEO. “CytoDyn is also excited to be taking our development of a new breed of HIV therapies to the next level. As we continue to grow, we look forward to creating more jobs in the area.”
Just last week, CytoDyn announced its purchase of PRO 140 from Progenics, Inc. PRO 140 is a humanized cell-specific monoclonal antibody in development for the treatment of HIV that targets an essential co-receptor for HIV known as CCR5. With the addition of PRO 140, which is currently in late Stage II clinical development, CytoDyn now owns the two cell-specific monoclonal antibodies under development for treatment of HIV, the other being Cytolin, an earlier stage humanized monoclonal antibody that targets a cell attachment protein called CD11a. These two antibodies fall into an emerging new class of treatments known as entry inhibitors.
Life science and biotechnology companies and leaders are welcoming this announcement, said Dennis McNannay, Executive Director of the Oregon Bioscience Association. “CytoDyn’s move shows the success of established firms as well as the emergence of innovative startups that Oregon continues to attract.” He adds that Oregon is a hub for technology transfer and incubation of companies that are focused on creating therapies in the oncology, immunology, and infectious disease arenas. “CytoDyn will fit in very well here.”
Oregon is the fifth fastest growing state for the biotech industry, as defined by the 2011 state reports by BIO/Battelle Institute. Data from a recent comprehensive economic analysis for the Oregon’s bioscience sector shows the sector has annually contributed $7.1 billion in revenue (up 18.3 percent from 2007), at least 39,000 jobs (up 4.3 percent) and $882 million in biotech workers’ personal income (up 10.4 percent) to the state’s economy.