CoLucid Pharma Exits RTP And Relocates To Massachusetts
March 26, 2015
By Krystle Vermes, BioSpace.com Breaking News Staff
CoLucid Pharmaceuticals, Inc., a biopharmaceutical company originating from North Carolina, announced on March 24 that it would be moving its headquarters to Massachusetts. The developer of Lasmiditan, an acute treatment for migraines, plans to relocate to Burlington, Mass., as it searches for a more permanent spot in Cambridge, Mass. Previously, CoLucid had been a part of Research Triangle Park, a renowned research park in North Carolina.
"We are very proud to have been a North Carolina-based company since our inception,” said Thomas Mathers, chief executive officer of CoLucid. “However, given the expansion of our management team with Massachusetts-based executives, we feel it is the right time to relocate. Cambridge is the heart of the biotechnology industry and we are very excited to be a part of all the innovation and excitement that takes place here every day.”
CoLucid was originally founded in 2005, and it has received investments from Pappas Ventures, Novo Ventures, and TVM Life Science Management as it’s grown. The company has successfully completed seven clinical studies for Lasmiditan, its leading drug candidate.
"We are thrilled to welcome CoLucid Pharmaceuticals to the Massachusetts life sciences community," said Robert Coughlin, president and chief executive officer of the Massachusetts Biotechnology Council. "We know CoLucid will thrive in the ecosystem of innovation and collaboration here in the Commonwealth as they work to advance treatments for CNS disorders."
Examining the Growth of Biotech in Massachusetts
The Massachusetts Biotechnology Council is an association of more than 650 biotech companies and academic institutions located in the Bay State. The goal of the council is to bring together members of the industry to discuss relevant business issues on a routine basis. Through MassBio, professionals come together to share their initiatives for the life sciences realm in the state.
Its headquarters is located in Cambridge, Mass., which is where many biotechnology companies make their homes. As of 2012, Massachusetts had 27,883 people employed in the biotechnology research and development sector, making it the top state in the U.S.
According to data from 2014, there are now 1,384 drugs in development, from research project to pending approval stage, in Massachusetts. As more biotechnology companies find success in the Bay State, companies like CoLucid continue to flock to Massachusetts for their future endeavors.
BioSpace Temperature Poll
U.K.-based GlaxoSmithKline filed a WARN letter in late February with the state of Pennsylvania indicating another 150 people would be laid off in its commercial and research and development group near Philadelphia. BioSpace wants to know if you think Pharm Country will do what it takes to keep biotech jobs in the area?