FOR IMMEDIATE RELEASE                                                                                 
August 12, 2010                                                                                           
Contact:  Denise Jakows
561.835.1008, djakows@bdb.org

TWO EMERGING BIO SCIENCE RESEARCH AND DEVELOPMENT COMPANIES
EXPANDING OPERATIONS, ADDING JOBS IN PALM BEACH COUNTY
 

(West Palm Beach) FOR IMMEDIATE RELEASE: Two emerging biotechnology company with a focus on finding better treatments for cancers  are expanding to Palm Beach County and creating high-tech jobs after receiving assistance from the Business Development Board of Palm Beach County and loan guarantees from the Town of Jupiter and investment from the Paragon Foundation. 

CHS Pharma, LLC
CHS Pharma is moving its headquarters to Palm Beach County to be closer to Florida Atlantic University’s Center for Molecular Biology and Biotechnology in Jupiter. CHS Pharma, 500 Maplewood Drive, Suite 5A, Jupiter, FL 33458 (www.chspharma.com) is committed to the research and development of new treatments for a pre-cancerous skin condition called Actinic Keratosis. CHS Pharma, LLC plans to development a prescription drug treatment for the pre-cancerous skin condition and an over-the-counter preventative lotion.

The company will relocate 4 employees from its previous location in Miami-Dade County and expand its Palm Beach County operations with 25 new employees over the next 5 years.

The Business Development Board of Palm Beach County provided CHS Pharma with introductions to public officials, real estate searches, information about relocation as well as research & development tax credit opportunities through the federal government.  The tax credit application, which is part of the recent healthcare reform package passed by Congress, was worked on by Alpern Rosenthal CPAs.  The Town of Jupiter is providing a $275,000 loan guarantee to the company from its Economic Development Fund, and the loan itself will be provided by 1st United Bank.

Background:
CHS Pharma’s technology is the result of research conducted by renowned scientist Dr. Herbert Weissbach of FAU, and has been licensed to the company by FAU.  Weissbach, a member of the National Academy of Science also recently expanded his own laboratory and research to FAU’s MacArthur campus in Jupiter, filling out the growing cluster of research and development concentrated on Scripps Florida and the Max Planck Florida Institute.

CHS Pharma Contact:
Steve Chakoff, President (305) 206-2495; sc@chspharma.com

GLG Pharma, LLC
GLG Pharma, LLC is expanding its research and development company to Palm Beach County because of its need to be closer to the growing biomedical activity in southeast Florida, anchored by Scripps Florida and the Max Planck Florida Institute. 

The company conducts pharmaceutical research and development, analytical chemistry and drug formulation development in the effort to advance the development of new targeted anti-cancer drugs. GLG intends to begin a research collaboration with Scripps Florida scientists as soon as possible.
GLG will continue its R & D work in Tampa, Florida and will expand operations to Palm Beach County, hiring 4 people in the short-term at its new location: the Alexandria Innovation Center, 555 Heritage Dr, Jupiter, FL  33458, which is represented by Applefield Waxman. The Town of Jupiter is providing a $250,000 loan guarantee to the company from its Economic Development Fund and the company is also receiving a $250,000 equity investment from the Paragon Foundation of Palm Beach County. The company has negotiated a preclinical development collaboration valued at approximately $500,000 with a leading preclinical CRO.

The Business Development Board of Palm Beach County provided GLG Pharma with real estate information, information about relocation including potential sources of funding capital such as the Florida Opportunity Fund. 

Background:
GLG Pharma licensed its technology from the Florida-based Moffitt Cancer Center: a series of small molecules (51 compounds) that have the same mechanism of action (STA3 inhibition) but act at different sites within the cell and have different chemical structure. Prior to the licensing agreement, Moffitt secured NCI RAID (Rapid Access to Interventional Development) preclinical development support valued at approximately $3,000,000 for one of the compounds. The NCI RAID funding support is continuing.

GLG Pharma’s specializes in the research and development of therapeutics that will treat a wide variety of cancers such as lung, breast, liver, skin, pancreatic and ovarian cancers. Currently, GLG is developing and commercializing four targeted anti-cancer drugs.

GLG Pharma Contact:
Hector J. Gomez, MD, PhD, CEO (561) 847-4926 hjgomezmd@glgpharma.com

About the BDB:
The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida.  Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade.  Additional information can be found at the BDB’s Web site, www.bdb.org. 

-BDB-