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Corgentech Completes Move to New Headquarters in South San Francisco
SOUTH SAN FRANCISCO, Calif., June 30, 2003 -- Corgentech Inc., a privately-held biotechnology company, announced today that it has moved its corporate headquarters from Palo Alto to new space at 650 Gateway Boulevard in South San Francisco, CA 94080, effective today.
The new South San Francisco headquarters doubles the company's square footage to approximately 50,000 square feet and allows for the possibility of future expansion. Based on the terms of the lease, Corgentech will realize a reduction in rent expense of approximately 60 percent per square foot. The stand-alone facility houses state-of-the-art research laboratories, as well as medical affairs and business operations for the company. About 65 employees have moved to the new location.
"We have a robust clinical program, including two products in three advanced trials, and we need to accommodate the growth that comes with the demands of late-stage development," said John P. McLaughlin, the company's president and chief executive officer. "We also need to leverage our funding and secure the most cost-effective lease possible. With this new building, we have achieved those objectives, as well as moved closer to the heart of the Bay Area's biotechnology community."
Corgentech's lead product, CGT003, an E2F Decoy drug/device combination, is being evaluated in two Phase III clinical trials for prevention of graft failure following coronary and peripheral bypass surgery. The company's second product, CGT021, shortly will enter a Phase I/II clinical trial for the prevention of arterio-venous (AV) graft failure in End-Stage Renal Disease patients requiring hemodialysis.
About Corgentech Inc.
Corgentech Inc. is a privately-held biotechnology company that is the leader in the discovery, development and commercialization of an exciting and powerful new class of therapeutics called transcription factor decoys or TF Decoys. The Company's proprietary technology platform is capable of delivering multiple new product candidates to treat diseases that affect large patient populations in a relatively short period of time. Corgentech is based in South San Francisco, Calif. For more information on the company and its technology, visit www.corgentech.com.
| Contacts: | |
| Richard Powers Corgentech |
Kristin Nash WeissCom Partners |
| 650-624-9600 [email protected] |
415-302-7951 [email protected] |
