Two new floors of lab space to be completed by early 2012
LEXINGTON, Mass.--(BUSINESS WIRE)-- Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) today held its own version of a traditional groundbreaking ceremony with an event it called “Raising the Roof.” The ceremony marks the official beginning of a construction project that will add an additional 104,000 square feet of lab and associated administrative space to its already existing lab facility at 65 Hayden Avenue in Lexington. The project is expected to be completed by early 2012.
Massachusetts Governor Deval Patrick attended the ceremony and said, "The Massachusetts economy is an innovation economy, and Cubist is one of the best examples of how that innovation translates into jobs and scientific advancement. This is just the sort of growth that we envisioned when we proposed the Life Sciences Initiative back in 2007 and I am confident there will be many more announcements like this to come."
Also speaking at the ceremony, Cubist President and CEO Mike Bonney said, “As a growing biopharmaceutical company, focused on developing and commercializing therapies administered in the acute care setting, we are driven by a desire to discover new medicines that will save lives. We believe that the 21st century will be marked by enormous advances in all facets of the life sciences industry that will result in groundbreaking and lifesaving achievements in medical science, and will lead to brand new medical discoveries and therapies — that is our hope for the additional lab space we are building here.”
During her remarks, Massachusetts Life Sciences Center President & CEO Susan Windham-Bannister said, “We are excited to support Cubist’s ongoing expansion through the Life Sciences Center’s Tax Incentive Program. Cubist is a great example of a growing life sciences company – they are expanding their facilities, adding dozens of jobs, and keeping their pipeline of innovative new drugs and therapies strong.”
Cubist Pharmaceuticals, Inc. is a biopharmaceutical company focused on the research, development, and commercialization of pharmaceutical products that address unmet medical needs in the acute care environment. In the U.S., Cubist markets CUBICIN® (daptomycin for injection), the first antibiotic in a class of anti-infectives called lipopeptides. The Cubist clinical product pipeline currently consists of a Phase 2 program, added with Cubist’s acquisition of Calixa Therapeutics Inc. in December 2009, focused on the development of a novel cephalosporin to address certain serious infections caused by multi-drug resistant (MDR) Gram-negative organisms; a Phase 2 program for the treatment of CDAD (Clostridium difficile-associated diarrhea); and a Phase 1 program intended to address the unmet medical need for a treatment for serious infections caused by MDR Gram-negative pathogens. Cubist is also working on several pre-clinical programs being developed to address areas of significant medical needs. These include an anti-infective program for the treatment of respiratory syncytial virus (RSV) in children, therapies to treat various serious bacterial infections, and agents to treat acute pain. Cubist is headquartered in Lexington, Mass. Additional information can be found at Cubist’s web site at www.cubist.com.
Cubist Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding the completion of our building expansion at 65 Hayden Avenue. There are many factors that could cause actual results to differ materially from those in these forward-looking statements. These factors include the following: (i) our success at managing and completing the construction project in accordance with our planned-for timeline; (ii) our ability to attract and retain talented scientists and other employees; (iii) our financial performance, which will depend, among other factors, on: (a) the level of continued acceptance and commercial success of CUBICIN, (b) our ability to develop, manufacture and achieve regulatory approval and commercial success for our product candidates; and (iv) a variety of risks common to our industry, including ongoing regulatory review, public and investment community perception of the industry, legislative or regulatory changes, and our ability to attract and retain talented employees. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our most recent 10-K and 10-Q filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise these statements, except as may be required by law.
Cubist and CUBICIN are registered trademarks of Cubist Pharmaceuticals, Inc.
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KEYWORDS: United States North America Massachusetts
INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials Infectious Diseases Pharmaceutical Research Science