SUFFOLK, U.K., June 24, 2002 (PRIMEZONE) -- GeneMedix plc ("GeneMedix" or "the Company"), the U.K. based biopharmaceutical company, is pleased to announce the opening ceremony of its state of the art mammalian cell manufacturing operation in Tullamore, Ireland, to produce recombinant Erythropoietin (EPO). Commissioning and validation of the facility will now commence in preparation for commercial production, which is expected to begin in mid 2003.
The facility, which has been built by GeneMedix to meet international GMP standards, has been completed on schedule and within budget. There are currently 11 GeneMedix staff members to run the facility and this is expected to rise to 30 when full scale manufacturing begins. GeneMedix has taken a leading role in the provision of high quality manufacturing of therapeutic proteins, which will provide cost effective treatments for many patients on a global scale. Erythropoietin manufactured in Tullamore will be sold firstly in the Asian markets, prior to launch into Europe when the regulatory pathway has been established.
Paul Edwards, Chief Executive, commented: "We are delighted that we have met our targets in completing the build of our Tullamore facility on time and to budget, and have now established a strong operating and management team. We see this as the first in a number of key milestones we expect to complete this year: we plan to expand our product range, further increase our manufacturing capabilities and conclude a deal with a major European marketing partner. We are confident that this state of the art manufacturing plant will help to establish our position as a leading supplier of high quality, cost effective generic biopharmaceuticals."
GeneMedix has invited a number of analysts and investors to participate in the opening ceremony, which commences today at 11:30 a.m. in Tullamore. No material new information will be disclosed at the opening.