Assurex Health Selects Mason, Ohio for Expanded Headquarters
Expects to build new campus including 60,000 square foot corporate office and genomics laboratory to anchor bioscience and wellness hub
Mason, JobsOhio and REDI Cincinnati Team to Retain Fast-Growing Precision Medicine Company
MASON, OH – January 22, 2015. Assurex Health, a commercial-stage, precision medicine company providing treatment decision support to healthcare providers for behavioral health and chronic pain conditions, today announced that it has chosen to remain in Mason, Ohio to build its expanded headquarters and clinical laboratory according to Virginia C. Drosos, President and Chief Executive Officer.
“The access to top talent, strong science partnerships with Cincinnati Children’s Hospital Medical Center and regional universities, and the cost structure — including the affordable lifestyle and incentives that Mason and Ohio offer — could not be matched,” Drosos said. “We love the entrepreneurial and venture-backed ecosystem in the region and are committed to the growing biohealth corridor here. It is an outstanding platform on which to build our company and support our work to assist healthcare providers in helping their patients achieve mental wellness,” Drosos said.
“Five other states approached us about relocating and the City of Mason, the Regional Economic Development Initiative (REDI) Cincinnati, and the State of Ohio partnered to work around the clock to keep us here,“ said Don Wright, Chief Operating Officer. “They have been extremely helpful in identifying locations and developing the incentives essential to making the project possible. The quality of life and culture of wellness that Mason and the region offer were important factors as well.”
New Location to Create a Culture of Wellness, Collaboration
Assurex Health has been located since 2011 on the Mason Campus, now a thriving bioscience hub. The new 60,000 square foot building and campus is expected to be designed to encourage employee wellness and to nurture a collaborative, entrepreneurial culture as Assurex Health grows. Site selection and completion of the headquarters development are contingent upon the approval of state and local incentives, which are being finalized now. The anticipated cost of the new facility was not disclosed. It is anticipated that the project will be completed by 2016.
The building will accommodate significantly more staff and an expanded, state-of-the art diagnostic laboratory. In the past three years, Assurex Health has tripled its employment to 240 and quadrupled the number of patients that have received its GeneSight® tests to more than 130,000. The company is working with developers to build and then lease the facility and campus to Assurex Health. This approach would allow Assurex Health to continue to invest in clinical trial work and increase the adoption of GeneSight.
City, State Officials Echo Successful Partnership
“We deeply value the partnership we have cultivated with Assurex Health,” said City of Mason Mayor David F. Nichols. “Our relationship with Assurex Health speaks directly to the entrepreneurial environment we have developed in Mason. We see our role as an innovative early investor — using creative resources and non-traditional solutions — to grow our economy in a way that yields a high return back to the community. Sustained job growth, the attraction of new capital investment, and interest from top talent are evidence it’s working. Assurex Health has played a leading role in expanding our bioscience and wellness hub, and Mason is thrilled to be partnered with and committed to the company in this next iteration of their growth.”
“Assurex Health’s decision to significantly expand its workforce in Mason confirms Ohio is home to a rapidly growing biohealth industry,” said John Minor, JobsOhio President and Chief Investment Officer. “We are proud of our strong relationship with this pioneering company as it expands in our state and positively impacts the lives of people throughout the world.”
“Assurex Health is an important job creator in our region,” said Johnna Reeder, President and CEO of REDI Cincinnati. “We believe Assurex Health is a true success story – and will not only continue to contribute jobs, but will encourage other high-potential health and technology startups and companies to Greater Cincinnati.”
About GeneSight
More than 9,000 healthcare providers have used Assurex Health’s genetic test, GeneSight, to help make treatment decisions for nearly 130,000 patients across the country. GeneSight is a laboratory-developed test based on clinically validated and proprietary combinatorial pharmacogenomics, or CPGxTM. Its informatics platform analyzes the interaction of multiple genes affecting a patient’s ability to metabolize and respond to medications used to treat neuropsychiatric conditions including depression, posttraumatic stress disorder (PTSD), anxiety, bipolar disorder, schizophrenia, ADHD, and acute and chronic pain. It provides an easy-to-interpret report for healthcare providers to assist their patients in getting on the right medication faster.
About Assurex Health
Assurex Health is a commercial-stage, informatics-based, precision medicine company providing treatment decision support to clinicians for behavioral health conditions. Assurex Health’s proprietary GeneSight technology is based on combinatorial pharmacogenomics (CPGxTM) – the study of the genetic factors that influence an individual’s response to medications, including evidence-based medicine and clinical pharmacology. Assurex Health has licensed patented technology from Mayo Clinic and Cincinnati Children’s Hospital Medical Center who remain research collaborator. Learn more at www.assurexhealth.com.
About the City of Mason, Ohio
Mason, Ohio is an established hub for bioscience innovation and includes a business portfolio of advanced manufacturing, healthcare and technology companies. As the largest city in Warren County and part of the Greater Cincinnati region in southwest Ohio, Mason’s economic development mission is focused on attracting and supporting the growth of top companies and creating jobs in these key sectors, while leveraging partnerships to also attract foreign direct investment. Ranked the seventh best place to live by CNN/Money Magazine in 2013, Mason is nationally-recognized for its low cost of living, award-winning schools and its intentional culture of wellness.
About JobsOhio
JobsOhio is a private, non-profit corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention, and expansion efforts. As part of this statewide effort, JobsOhio works closely with its regional economic development partners, known collectively as the JobsOhio Network. With deep ties to local business communities, the six-region Network provides the necessary connectivity to achieve a One Firm, One State approach to selling Ohio.
About REDI Cincinnati
The Regional Economic Development initiative (REDI) Cincinnati is the one of JobsOhio’s six regional economic development partners in the JobsOhio Network. REDI Cincinnati is the first point of contact for businesses interested in growing in or relocating to Greater Cincinnati, a three-state, 15-county region with 2.2 million residents and 120,000 businesses, including nine Fortune® 500 companies. In 2013, Cincinnati ranked sixth in the U.S. for new/expanded facilities among metros with one million or more residents.