Korean biotechnology company to open stem cell facility in Baltimore, bringing 500 new jobs
Korean biotechnology company, Nature Cell, is planning to open a stem cell facility in Baltimore, bringing 500 new jobs, the governor announced Tuesday.
The 100,000 square foot manufacturing facility will be located at 1401 Severn Street in the mixed-use Gaslight Square complex. The facility will be completed by 2031 in two phases, according to the governor's office.
Nature Cell's business involves stem cells, cosmetics and food and beverage development and manufacturing. The Baltimore facility will be operated by Nature Cell America, which plans to focus on knee osteoarthritis and Alzheimer's stem cell research, clinical trials and manufacturing investigative products.
The company will aim to produce one million doses of its stem cell injection product, JointStem, per year.
"Maryland continues to lead in life sciences innovation, and Nature Cell's investment reinforces our reputation as a global hub for biotechnology and advanced research," Gov. Moore said in a statement.
According to the governor's office, Nature Cell touted the Maryland Stem Cell Research Fund and life sciences workforce as key reasons why it chose to open its facility in Maryland.
"Maryland offers an abundant pool of highly-skilled technical talent that is critical to establishing global leadership and setting industry standards in stem cell therapeutics," Nature Cell Chairman Dr. Jeong-Chan Ra said. "The State of Maryland and Baltimore City also provide strong business support, including dedicated engagement from their government teams.
The Maryland Department of Commerce is working to approve a $4 million conditional loan to assist with project costs, and the Baltimore Development Corporation is providing another $400,000 conditional loan and assistance to expedite permitting and public approvals.
"Nature Cell's decision to bring cutting-edge innovation to one of our city's historic industrial sites shows what's possible when we connect our legacy of manufacturing strength with our growing life sciences sector," Baltimore Mayor Brandon Scott said in a statement. "This is exactly the kind of investment that defines Baltimore's next chapter."