Healthcare Industry News: protein therapeutics
News Release - November 1, 2006
Schering-Plough Expanding Discovery Operations in Cambridge, Mass.CAMBRIDGE, Mass., Nov. 1 (HSMN NewsFeed) -- Schering-Plough Corporation (NYSE: SGP ) today dedicated a new scientific research facility here that will support the company's work discovering and developing innovative therapeutic treatments.
"This new facility is another demonstration of our long-term commitment to research-based health innovation. It also is evidence of our growing engagement in the science community of Cambridge, which with neighboring Boston has become one of the world's premier research hubs for life science discoveries," said Fred Hassan, Schering-Plough chairman and chief executive officer. "This kind of investment in discovery research is an engine of innovation at Schering-Plough for improved health for patients for the future."
Schering-Plough executives, local dignitaries and members of the academic and research communities attended today's dedication ceremony of a new and larger facility for Cambridge scientists in Schering-Plough Research Institute (SPRI). The new state-of-the-art laboratory facility provides capacity for approximately 200 scientists and support staff, up from about 80 at the prior Cambridge location, and more than triple the amount of laboratory space.
Focusing on the early stages of the drug discovery process, SPRI Cambridge conducts research to develop a portfolio of small molecule drugs and provide efficiency in lead discovery through the use of proprietary affinity-based screening technologies and an integrated chemistry library.
"The greater Boston area is a vibrant and stimulating scientific environment. Our SPRI scientists benefit from the proximity of major academic institutions and leading biotechnology companies based nearby," said Thomas D. Koestler, Ph.D., executive vice president, Schering-Plough Corporation and president, SPRI. "SPRI Cambridge, along with our research facilities in New Jersey and California, is part of an integrated drug discovery organization that is developing an important pipeline of potential new medicines."
Schering-Plough has had research operations in Cambridge since February 2005, when it acquired most of the assets of NeoGenesis Pharmaceuticals Inc. and integrated the group into SPRI. Approximately 80 SPRI colleagues previously worked at 840 Memorial Drive in Cambridge and have now relocated to the new site at 320 Bent Street. The company plans to increase its Cambridge scientific headcount primarily through recruiting efforts.
SPRI's primary research facilities are located in New Jersey, Massachusetts, California and Italy. Schering-Plough Biopharma, located in Palo Alto, Calif., is the biologics discovery research unit, focusing on new antibody and protein therapeutics. Researchers at SPRI laboratories pursue innovative medicines to improve people's health and extend lives. Research targets include respiratory and inflammatory disorders, infectious diseases, oncology, cardiovascular disease and central nervous system disorders.
SCHERING-PLOUGH DISCLOSURE NOTICE: The information in this press release includes certain "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, including statements relating to the company's plans. Forward-looking statements relate to expectations or forecasts of future events. Schering-Plough does not assume the obligation to update any forward-looking statement. Many factors could cause actual results to differ materially from Schering-Plough's forward-looking statements, including market forces, economic factors, product availability, patent and other intellectual property protection, current and future branded, generic or over-the-counter competition, the regulatory process, and any developments following regulatory approval, among other uncertainties. For further details about these and other factors that may impact the forward-looking statements, see Schering-Plough's Securities and Exchange Commission filings, including Item 1A. Risk Factors in the Company's second quarter 2006 10-Q.
Schering-Plough Corporation is a global science-based health care company with leading prescription, consumer and animal health products. Through internal research and collaborations with partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies to meet important medical needs. Schering-Plough's vision is to earn the trust of the physicians, patients and customers served by its more than 32,000 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com
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