Invitae to Open New Facility in North Carolina to Support Continued Growth
SAN FRANCISCO, April 20, 2021 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA), a leading medical genetics company, today announced its plans to open a new laboratory and production facility in North Carolina to further expand its capacity to meet the growing demand for genetic testing services globally.
"As we continue to expand to support our rapid growth worldwide, we were eager to identify a location on the East Coast that would improve our ability to serve our customers, improve our operational leverage, and build a talented team with connections to a vibrant life sciences community. We have found the ideal location in North Carolina," said Ken Knight, chief operating officer of Invitae. "Our mission is to make genetic information affordable and accessible for billions of people. Our new location near the Research Triangle Park will help us bring that mission to reality."
"Biotechnology companies continue to choose North Carolina as a trusted and reliable location to grow their companies," said Governor Ray Cooper. "From specialized workforce training programs to a world-class research infrastructure, companies like Invitae appreciate the advantages our state delivers."
The 250,000 square foot laboratory and production facility will be located in Wake County and employ more than 350 people. Once fully operational, the facility will significantly expand Invitae's testing capacity, meeting and exceeding the capacity currently housed in the company's San Francisco facility. Invitae's project in North Carolina will be facilitated by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Invitae has more than 2,100 employees globally and currently has laboratory production facilities in California, Colorado and Washington.
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices. For more information, visit the company's website at invitae.com.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's plans to open a new laboratory and production facility; the company's beliefs regarding the location of the facility, including that the location will help the company accomplish its mission; the company's expectations regarding the expansion of the company's testing capacity and the number of people it will employ at the facility; and the facilitation of the company's project by the JDIG. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company's history of losses; the company's ability to compete; the company's failure to manage growth effectively; the company's need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; security breaches, loss of data and other disruptions; laws and regulations applicable to the company's business; and the other risks set forth in the company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
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SOURCE Invitae Corporation
Company Codes: NYSE:NVTA