CONTACT:
Heather Galbraith, City of Frederick Economic Development, 240-629-6362
FOR IMMEDIATE RELEASE: Thursday, February 2, 2006
FREDERICK BIOPHARM PARTNERS WITH INDIAN BIOSCIENCE COMPANY
Expansion brings additional jobs to community
FREDERICK, MD (February 2, 2006) – VaLogic-SriSai Inc, located at the Riverside Corporate Park in Frederick, Maryland, and Jupiter Bioscience of India announced today that they have partnered to strengthen each company’s position in the biopharmaceutical arena.
VaLogic (a member of VaLogic-SriSai Inc Services Group) was established in 2001 to meet the Validation, Calibration, and Compliance requirements of the biopharmaceutical industry. SriSai Biopharmaceutical Solutions (SBS), the other member of VaLogic-SriSai Inc Services Group, was established in 2004 to meet the needs in the areas of Clinical and Commercial Supply Management.
Both companies (SBS and VaLogic) market their services together under VaLogic-SriSai Inc. Today, both companies together employ more than 20 people and saw revenues of exceeding $2 million in FY05. The VSI/Jupiter expansion will bring another 8 employees to VaLogic and SBS together. Jupiter Bioscience opened a location in Frederick in early 2005, sharing a facility with VaLogic-SriSai in Riverside. The company currently employs more than 200 people at the company’s India facility and 2 here in the United States. With annual sales of nearly $20 million US dollars in FY’04, Jupiter Bioscience has enjoyed a sales and earnings growth rate of 40%, marking the highest earnings among Indian biotech firms. The planned expansion of Jupiter’s operations in Frederick will add approximately 20 new jobs to the community.
“This is a terrific opportunity for our businesses to increase their global reach from our offices here in the City of Frederick,” stated Bill Robertson, President of VaLogic. Dr. Sri Konduru, President of SBS, stated “this is just a beginning. As these companies grow and attaract more businesses from India, there will be numerous opportunities for other companies in this area to grow”. Jupiter will produce the bulk drug manufacturing. SBS will provide packaging, testing, repository and distribution services. VaLogic will provide the expertise in validation, calibration, compliance, and regulatory affairs. As partners VSI/Jupiter together can provide the major spectrum of the drug life cycle. SBS is already providing the storage, distribution, and testing services to Jupiter.
The Maryland Department of Business and Economic Development (DBED) will provide a $75,000 loan guarantee to SBS, through the Maryland Industrial Development Financing Authority (MIDFA) to assist with leasehold improvements and related costs associated with the expansion of the two companies. SBS is providing the state of the art good manufacturing facility (GMP) to Jupiter and assisting the manufacturing of GMP materials.
“In today’s increasingly global marketplace businesses can locate almost anywhere. We are extremely pleased that VaLogic-SriSai, Inc. and Jupiter Bioscience have decided to expand their offices here in Maryland,” said Aris Melissaratos, Secretary of Business and Economic Development. “Maryland’s number one ranking for the highest percentage of professional and technical workers in the nation and the intellectual power of research centers in more than 200 federal agencies and universities located across the State are key elements in attracting the high technology firms of today and tomorrow.”
“This recent, global collaboration between Frederick based VaLogic-SriSai, Inc. and India based Jupiter Bioscience is a tremendous example of future business models for our area,” stated Richard Griffin, Director of the City of Frederick, Department of Economic Development. “As the number of Bio firms in Frederick has grown to over 60, the advantages of a skilled workforce and location near federal research laboratories has become more obvious.”
“The partnership of these two firms highlights the opportunities that we have in Frederick for the bioscience community,” said Laurie Boyer, Deputy Director of the Frederick County Office of Economic Development. “The bio industry can often be very competitive, but when companies work together to strengthen what they can offer to a client, it’s a win for everyone. We’ve enjoyed working with VSI and Jupiter as they’ve formed this relationship.”
For more information, visit:
http://www.valogic-srisai.com/
http://www.jupiterbioscience.com/
http://www.dbed.state.md.us/
http://www.discoverfrederickmd.com/
http://www.cityoffrederick.com/