Needham, MA – Tyrogenex, a leader in the development of novel kinase inhibitors to target angiogenesis, and Xcovery, a developer of next-generation targeted therapeutics for cancer, recently announced the opening of a new office in Needham, Mass., in partnership with the Massachusetts Life Sciences Center (MLSC) during the Biotechnology Industry Organization’s BIO International Convention.
Michael D. Webb, president and CEO for both Tyrogenex and Xcovery, and several management and business development functions will be based in the Needham office. Tyrogenex and Xcovery also have offices in Palm Beach Gardens, Fla.
Tyrogenex is an entrepreneurial, science-driven company dedicated to developing safe and effective targeted therapeutics for cancers and wet age-related macular degeneration (wet AMD). Its lead candidate, X-82, is an orally administered targeted therapeutic for wet AMD and solid tumors. X-82 inhibits both vascular endothelial growth factor (VEGF) and platelet-derived growth factor (PDGF), and it has demonstrated anti-tumor activities with far less toxicity than first and second generation VEGF/PDGFR inhibitors.
“Having a presence in Massachusetts is a distinguishing factor within the life sciences industry and proves valuable in attracting talent, partnership opportunities, and investment,” Webb said. “This new office will enable both Tyrogenex and Xcovery to tap into extensive local resources while continuing to grow and move forward in the clinical development process.”
“Needham is a hub of business development in Massachusetts, and I am pleased that Tyrogenex and Xcovery have decided to grow their companies here,” said Senator Richard Ross (R-Wrentham). “Both companies are leaders and innovators in life sciences research and are sure to largely benefit the local community.”
“On behalf of the town of Needham, we welcome Tyrogenex and Xcovery,” said Representative Denise C. Garlick (D-Needham). “The synergy of a great location and companies poised for increasing success herald a bright future for all.”
Xcovery is dedicated to developing safe and effective targeted therapeutics for cancers with improved safety, tolerability and lower toxicity. The Xcovery portfolio consists of five novel low toxicity drug candidates making them ideal components for combination therapy, the future of molecular targeted therapy in cancer. Xcovery’s lead candidate, X-396, is a potent small molecule anaplastic lymphoma kinase (ALK) inhibitor for the treatment of solid tumors where ALK is deregulated.
“We are pleased to welcome Tyrogenex and Xcovery to Massachusetts, the world’s leading ecosystem for life sciences innovation and growth,” said Angus McQuilken, MLSC vice president for communications and marketing. “We are confident that here both companies will find the talent, partners, customers, and investors that they need to maximize their growth and success.”
“We are thrilled for Tyrogenex and Xcovery as they build their businesses by opening an office in Needham,” said Robert K. Coughlin, President & CEO of MassBio. “We know that Tyrogenex and Xcovery will continue to grow, strengthen their collaborations and make an impact on the Massachusetts life sciences ecosystem.”
Tyrogenex and Xcovery’s new facility is located at 197 First Avenue, Needham, MA 02494.