Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) concluded Thursday’s trading session at $2.51 just a week after announcing the launch of clinical development as well as expanded operations in Philadelphia.
The company revealed that it was setting up a new office at 1777 Sentry Parkway West in Blue Bell. The new office occupies roughly 2,000 square-feet, and Achillion plans to convert it into its new base for clinical operations as well as its executive offices. Despite launching the new offices, the company still plans to continue running its research in New Haven, Connecticut.
“Achillion continues to expand our clinical development, clinical operations and regulatory teams as we accelerate our oral, small molecule complement inhibitor programs into late-stage development and commercialization,” stated Achillion CEO, Joe Truitt.
Truitt also noted that the company views the extra space and proximity to strong and resource accessibility such as highly trained labor in Philadelphia. This will contribute to Achillion’s commercial capacities which are still growing. The company’s CEO claims that the recruitment process will be easier from Philadelphia. He also pointed out that the need to recruit more people was one of the reasons for the move.
The expansion fits right into Achillion’s plans for its product development process
The clinical stage biopharma is currently developing treatments to address complement-mediated illnesses, especially serious health conditions that affect a small percentage of the population. Achillion hopes that the new clinical developments and expanded operations in Philadelphia will help to reach out to a larger market, particularly by increasing its output.
Achillion is currently shifting most of its attention towards factor D’s “alternative pathways.” Factor D is an immune system enzyme that causes serious blood and kidney diseases if levels are not correct. The company has multiple treatments that are currently in their late-stage clinical trials in the hope that one will soon gain regulatory approval for market launches.
Truitt also revealed that other locations were shortlisted for the new offices such as Boston, Massachusetts. The latter is, however, characterized by heavy competition and it also happens to be expensive, thus making it less ideal as an option.