Mayor Martin J. Walsh and MassBio President and CEO Robert K. Coughlin today will mark the expansion of Acetylon Pharmaceuticals, which is developing a blood-cancer drug, in Boston's Innovation District.
The company, which moved to a 10,000-square-foot space at 70 Fargo St. — also the home of the Boston Herald — with a dozen employees two years ago, has expanded to 13,500 square feet of lab and office space in the same building and expects the number of its employees to reach about 36 by the end of the year, said President and CEO Walter Ogier.
The company's growth will support additional clinical trials of its lead drug, ricolinostat, for multiple myeloma and lymphoma, as well as a pipeline of drug candidates for neurological diseases and sickle cell anemia, Ogier said.
"Acetylon and the path they've taken to get where they are today is a case study in how companies have changed to bring new products to patients," Coughlin said. "They've done it in a very local way."
Ricolinostat's development stems from discoveries made at the Dana-Farber Cancer Institute and Harvard Medical School in Boston, and the Broad Institute in Cambridge.
Acetylon has been funded through a combination of nontraditional sources, including $35 million from a group of "super angel investors" such as New England Patriots owner Robert Kraft, and $5 million from the Leukemia and Lymphoma Society, Ogier said. Last July, Acetylon signed a collaboration with Celgene Corp. that included an exclusive option for the future acquisition of Acetylon and $100 million in up-front cash.
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