MASON, OHIO, Oct. 12, 2011 – AssureRx Health, Inc., and the City of Mason, Ohio, today announced an agreement to locate its new company headquarters and dry laboratory at the Mason Community Center to accommodate the company’s employee growth and increasing demand for its pharmacogenetic test, GeneSightRx®. The new 10,000 square-foot office space can accommodate more than 100 employees.
Mason City Council took an innovative approach to business recruitment, leveraging its recent Community Center expansion to align with AssureRx’s vision around health and wellness. In addition, Mason, recently named 24th in CNN Money Magazine’s Top 100 Places to live, offers an educated workforce, strategic location for national distribution and an excellent quality of life.
“This economic environment requires some new economic development tools to attract and retain businesses,” said Mason Vice Mayor David Nichols, who also chairs the Economic Development Committee of Mason City Council. “Mason Community Center coupled with a leadership team that understands the dynamic needs of high-tech, entrepreneurial companies has propelled Mason to a new class for business attraction and retention.”
“Ohio-developed technology, Innovation Ohio economic development loans and Ohio investment capital have all contributed to building our company, increasing nationwide demand for our lead product, GeneSightRx®, and creating jobs here in the City of Mason,” said James S. Burns, president and CEO of AssureRx Health. “We are looking forward to becoming an integral part of Mason’s wellness community.”
In addition, while working out location details, the City will finalize a local and state incentive package to secure the AssureRx’s aggressive job creation forecast.
Mr. Burns added, “We are on track to build AssureRx Health into the leading personalized medicine company providing pharmacogenomic and other treatment decision support products to prescribers of medications for patients with neuropsychiatric disorders.”
“This isn’t the first time that Mason has been able to think outside the box to leverage the City’s desire to improve the quality of life for our residents and, in the process, generate economic development,” said Mason Mayor Don Prince. “We are so pleased with the partnership we’ve established with TriHealth that has provided both financial support to our Community Center, while offering them a state-of-the-art facility in the heart of Mason.”
“The new facility will accommodate our existing employees as well as our anticipated staffing increases over the next 3 to 5 years,” said Don Wright, executive vice president and COO of AssureRx Health. “Our new laboratory will meet the increasing demand for our pharmacogenetic test, GeneSightRx®, and the anticipated market introduction of multiple new products through 2013.”
The state of Ohio provided a $1.2 million IOLF loan to AssureRx Health for product development, with the requirement to create an estimated 30 jobs in the state during the 3-year period following the first quarter of 2011. Coupled with financing from Ohio investors, including CincyTech and Allos Ventures, AssureRx Health surpassed 30 employees two years ahead of schedule. AssureRx expects to grow to more than 100 employees by 2014. AssureRx intends to move into its new space by the end of 2011.
“AssureRx Health is a success story that should be celebrated. They have leveraged investment and support from CincyTech to create significant growth opportunities-and in the process they are attracting venture capital from noted firms such as Claremont Creek Ventures and Sequoia Capital adding jobs in the region,” said Dave Dougherty, interim executive director of the Cincinnati USA Partnership, the economic development arm of the Cincinnati USA Regional Chamber. “It’s great news that AssureRx Health has found space in Mason to suit their current and anticipated growth.”
AssureRx Health also announced that it has completed data center upgrades to enhance the security, performance and capacity of its online web portal and data center in order to accommodate increased market demand. When the GeneSightRx® test is performed, genetic results are stored in AssureRx’s Health data center, and made available to the clinician via a HIPAA-compliant and secure online portal.
About City of Mason, Ohio
Mason, Ohio is the largest municipality in Warren County, Ohio, just north of the Cincinnati metropolitan area. The Cincinnati region is the 24th largest U.S. metropolitan area with a population of 2.17 million. With more than 300 colleges and universities located with in a 200-mile radius and a workforce of over 1.6 million within 50 miles, it is a diverse and strategic location for any growing business.
More than 90 high-tech and industrial businesses, including global corporations such as Cintas, Procter & Gamble, Luxottica Retail, Mitsubishi, and FANUC Robotics America, call Mason home. In total, they employ more than 20,000 people. The top 10 largest employers generate more than $5.3 million annually in earnings revenue that is reinvested into the community. Overall, it is estimated that there are more than 500 businesses that operate within Mason’s 18 square miles.
GeneSight is a laboratory developed pharmacogenomic test that uses cutting edge technology to measure and analyze clinically important genomic variants in the treatment of psychiatric disorders. The results of the GeneSight report can help a clinician understand the way a patient’s unique genomic makeup may affect certain psychiatric drugs. The analysis is based on pharmacogenomics, the study of genomic factors that influence an individual’s response to drug treatments, FDA approved manufacturer’s drug labels, peer-reviewed scientific and clinical publications, and proven drug pharmacology. Quick turnaround time, combined with a customized report of the patient’s genomic makeup, clinical experience and other factors can help a physician make personalized drug treatment choices for each patient.
About AssureRx Health, Inc.
AssureRx Health, Inc. is a personalized medicine company that specializes in pharmacogenomics dedicated to helping physicians determine the right drug for individual patients suffering from neuropsychiatric and other disorders. The company was founded to commercialize industry-leading personalized medicine technology for neuropsychiatric disorders. Mayo Clinic and Cincinnati Children’s Hospital Medical Center are equity holders and technology collaborators.