Neurogen to double staff
By Edward J. Crowder
New Haven Register
BRANFORD — Neurogen Corp. unveiled plans Wednesday to buy a facility near its Branford headquarters and more than double the number of highly paid scientists it employs.
About a third of the 54,000-square-foot manufacturing facility will be converted to laboratory space, officials at the pharmaceutical company said.
Neurogen will house its drug discovery program in the new space, they said.
"Conversion of the remainder of the warehouse space in our new facility will ultimately enable us to expand our Branford research and development operations to greater than 300 scientists," said Harry H. Penner Jr., Neurogen's president and chief executive.
The company now employs 170 people, of whom 130 are scientists. It develops new types of drugs.
Neurogen is launching the expansion with the help of a $5 million grant from the BioScience Facilities Fund, administered by Connecticut Innovations Inc.
That Rocky Hill organization is the state's leading investor in high-tech companies. It administers several funds to foster high-tech development.
The BioScience Facilities Fund was set aside by the state legislature in 1998 to promote the growth of laboratory space statewide.
"This financing will help them expand in Connecticut," said Victor Budnick, president and executive director of Connecticut Innovations.
The state government has targeted the bioscience "cluster" of industries as an important area of future growth. The cluster includes biotechnology firms, pharmaceutial companies, academic research institutions and related organizations.
It employed more than 11,000 Connecticut residents last year in jobs paying average salaries of $50,000, according to CURE, Connecticut's Bioscience Cluster, which is the Rocky Hill organization that oversees the cluster."Today's announcement represents an outstanding example of public and private collaborations that are resulting in the growth of Connecticut's bioscience cluster," CURE President Debra K. Pasquale said.
Neurogen shares fell 6 cents Wednesday to $14.81. They trade on the Nasdaq exchange as NRGN. |
