Over the course of 12 years, the project is estimated to grow the state’s economy by $1.36 billion. Over the course of 12 years, the project is estimated to grow the state’s economy by $1.36 billion. Beam Therapeutics, with headquarters in Cambridge, Massachusetts, develops precision genetic medicines through base editing. “Beam’s decision to locate in the Triangle rather than sites it explored in Massachusetts, Philadelphia and Maryland further bolsters North Carolina’s growing community of cell- and gene-based therapy companies,” said Laura Rowley, Ph.D., the North Carolina Biotechnology Center’s director of life science economic development, who helped support Beam’s recruitment. This field is for validation purposes and should be left unchanged. Beam is targeting gene therapies in the fields of hematology, oncology, liver diseases, and ocular and central nervous system (CNS) diseases. Liu is also a founder of. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. In addition to the North Carolina Department of Commerce and the Economic Development Partnership of N.C., other key partners on this project were the North Carolina Community College System, the North Carolina Biotechnology Center, Durham County, and the Greater Durham Chamber of Commerce. “Beam Therapeutics joins a host of gene therapy companies that are keeping North Carolina at the forefront of this new frontier of medicine.”. Beam’s technology platform incorporates gene editing and gene delivery modalities found across North Carolina’s broad and growing cell- and gene-based therapy community. Using a formula that takes into account the new tax revenues generated by the new jobs, the agreement authorizes the potential reimbursement to the company of up to $3,237,750, spread over 12 years. The company plans to occupy the new space in Durham, on or about January 1, 2022. Spanning the field from academic research to commercial manufacturing, North Carolina’s ecosystem also includes expertise in several gene therapy delivery modalities including AAV used by Pfizer, AveXis, Audentes Therapeutics and AskBio, and lentiviral approach used by bluebird bio. North Carolina Commerce Secretary Anthony M. Copeland added, "North Carolina has been a world leader in biotechnology for many years, but we’re not resting on our past accomplishments. Design by Imagine Higher. This enables a wide range of potential therapeutic editing strategies that Beam is using to advance a diversified portfolio of base editing programs. Even when new jobs are created in a Tier 3 county such as Durham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. Beam Therapeutics’ project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over a period of 5 years, the company expects to invest $83 million in the facility, which will support clinical and commercial manufacturing for the company’s novel base editing programs. Beam is developing precision genetic medicines through a pioneering CRISPR technology known as base editing. A young Boston-area gene therapy company, Beam Therapeutics, has joined a cluster of gene and cell therapy startups with plans to build an $83 million biomanufacturing facility in Durham that could employ more than 200 people over five years. The average wage in Durham County is $71,756. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. Copyright © 2020 GroundBreak Carolinas LLC. EternaTear, young Raleigh startup developing a non-prescription eyedrop to treat dry eye syndrome, says it has raised $4.9 million in an oversubscribed Series A round of funding. Using a formula that takes into account the new tax revenues generated by the new jobs, the agreement authorizes the potential reimbursement to the company of up to $3,237,750, spread over 12 years. The state and local area will see a yearly economic impact of more than $20.6 million from this company’s new payroll. "North Carolina has been a world leader in biotechnology for many years, but we’re not resting on our past accomplishments,” said North Carolina Commerce Secretary Anthony M. Copeland. Beam's appreciation of the breadth and depth this expertise offers from a talent perspective is a driving factor in the selection of NC as a preferred location. 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Raleigh, North Carolina 27601-1058, Governor Cooper Announces Genetic Medicine Company Will Create 201 Jobs in Durham County, NCWorks Career Centers | Business Services, Consulting Services | Staffing (Business Edge), Analysis of Impediments to Fair Housing Choice (AI), One North Carolina Small Business Program, Community Development Block Grant Coronavirus Program (CDBG-CV), Mortgage, Utility and Rent Relief (MURR) Program, Application | Mortgage, Utility, and Rent Relief (MURR), FAQs | Mortgage, Utility and Rent Relief Program (MURR), Education & Workforce Program Outcomes (CFS), For Veterans Seeking Jobs in North Carolina, For Young Adults Seeking Jobs in North Carolina, For Agriculture Workers Seeking Jobs in North Carolina, For Former Offenders Seeking Jobs in North Carolina, For Limited English Speakers Seeking Jobs in North Carolina, Workforce Professionals Tools & Resources, Proposed WIOA State Unified Plan | Submit Your Comments, Register for Access to NCWorks Branding Assets. 301 North Wilmington Street Based on the most effective method for each target organ, Beam uses a range of gene delivery strategies, including electroporation for blood and immune cells, non-viral (LNP) for liver and potentially other organs, and viral (AAV) for delivery to the eye and CNS. Beam Therapeutics (Nasdaq: BEAM) is a … In announcing the Beam Therapeutics recruitment, Gov. North Carolina Biotechnology Center. Over a period of 5 years, the company expects to invest $83 million in the facility, which will support clinical and commercial manufacturing for the company’s novel base editing programs. Beam’s proprietary base editors create precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. Because Beam Therapeutics chose a site in Durham County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $1,079,250 into the state’s Industrial Development Fund – Utility Account.