TGen Drug Development (TD2) creates jobs, revenues, related
businesses; Total economic impact on the city in 2015 is projected
to top $239 million
SCOTTSDALE, Ariz. - Jan. 21, 2010 - TGen Drug Development (TD2) is
poised to play a significant role in the expansion of Scottsdale's
biomedical industry, fostering new jobs and city revenues, and
prompting the creation of more related businesses.
That is the conclusion of a new report released today by the
independent economic research firm Tripp Umbach of Pittsburgh about
TD2's economic impact on Scottsdale.
And while TD2's contributions to Scottsdale already are solid, its
projected impact within 5 years will increase by nearly tenfold,
the Tripp Umbach report concludes.
TD2's direct annual economic impact on Scottsdale in 2009 was $4.3
million. But when TD2's affiliated company operations are included,
the total economic impact in 2009 was pegged by Tripp Umbach at
more than $26 million. That total economic impact is projected to
reach more than $239 million by 2015, the report said.
"Working alongside other key biomedical engines like the Mayo
Clinic and Scottsdale Healthcare, TD2 holds the promise of a
brighter economic future for Scottsdale, and the promise of better
healthcare for all Arizonans," said Dr. Stephen Gately, TD2's
President and Chief Scientific Officer.
Other economic impacts and projections for TD2 identified by Tripp
Umbach include:
-- Total employment generated directly and indirectly from TD2's
Scottsdale operations and affiliated companies equaled at least 106
jobs. By 2015 the number of jobs generated by TD2 and affiliated
companies should reach 1,080.
-- Operations of TD2 and affiliated companies in 2009 generated
more than $729,000 in city revenues. In 2010, TD2 and affiliated
companies will have generated more cumulative tax revenues than the
dollars initially invested by Scottsdale. By 2015, annual city
revenues generated by TD2 and affiliated companies should reach
nearly $6.6 million.
-- By 2015, Scottsdale should see an economic return of $7.89 for
every $1 invested in TD2.
TD2 is a non-profit, whole-owned subsidiary of the Phoenix-based,
non-profit Translational Genomics Research Institute (TGen). A
recent Tripp Umbach report showed that TGen's annual economic
impact on Arizona in 2009 was more than $77 million.
TD2 was created in 2003 as a way of commercializing the research
discoveries of TGen. Scottsdale provided a $3 million loan to
accelerate TD2's growth. TD2 was the first non-Mayo business
partner welcomed by the Mayo Clinic Scottsdale to its biomedical
campus at 134th Street and Shea Boulevard.
Its mission is to facilitate drug development and move new
compounds to patients as quickly as possible. TD2 provides a
comprehensive program of pre-clinical, clinical and regulatory
services to ensure expeditious approval by the U.S. Food and Drug
Administration of treatments that are proved to be safe and
effective.
In part because of TD2, many related businesses have located in
Scottsdale: Ascalon International Inc., MCS Biotech Resources LLC,
Semafore Pharmaceuticals Inc., Silamed Inc., Stromaceutics Inc.,
SynDevRx Inc., and Translational Accelerator LLC (TRAC).
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About TD2
TGen Drug Development (TD2), a wholly owned subsidiary of the
Translational Genomics Research Institute (TGen), is a 501(c) 3
non-profit organization. TD2 provides innovative services for
oncology-focused biopharmaceutical companies using a dedicated team
of professionals with broad experience and understanding in drug
development. TD2 is uniquely positioned to support the need for
improved and accelerated development of new chemical entities
(NCE's) for life-threatening diseases. TD2 uses a unique
combination of experience gained through its contract research
organization business, and an integrated suite of proprietary and
non-proprietary tools, preclinical study execution, regulatory
affairs assistance, clinical trial design and management, and drug
development experts to successfully move therapeutics towards
regulatory approval. TD2 is dedicated to reducing the risks and
uncertainty inherent in the drug development process.
www.td2.org.
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About TGen
The Translational Genomics Research Institute (TGen) is a Phoenix,
Arizona-based non-profit organization dedicated to conducting
groundbreaking research with life changing results. Research at
TGen is focused on helping patients with diseases such as cancer,
neurological disorders and diabetes. TGen is on the cutting edge of
translational research where investigators are able to unravel the
genetic components of common and complex diseases. Working with
collaborators in the scientific and medical communities, TGen
believes it can make a substantial contribution to the efficiency
and effectiveness of the translational process. TGen is affiliated
with the Van Andel Research Institute in Grand Rapids, Michigan.
For more information, visit: www.tgen.org.
Press Contact:
Steve Yozwiak
TGen Senior Science Writer
602-343-8704
syozwiak[email protected]
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