Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced the official opening of the Company’s new corporate headquarters at the Ardsley Park life science campus in Ardsley, New York. The new facility, which is leased from BioMed Realty Trust, Inc. (NYSE: BMR), includes approximately 138,000 square feet of office and state-of-the-art laboratory space. Acorda has relocated all employees from its former location in Hawthorne, New York to the new Ardsley facility.
“Acorda moved to Westchester in 1998 as a small start-up biotechnology company with six employees, and I’m very proud of what our associates have accomplished in the ensuing years. We’ve brought an important new therapy to market AMPYRA, which has helped tens of thousands of people with multiple sclerosis. That in turn has helped us grow our Company to become a leader in developing neurological medicines, with more than 340 associates, including 200 based in Ardsley,” said Ron Cohen, M.D., Acorda’s President and CEO. “As a native New Yorker, it is also gratifying to contribute to the expanding biotechnology presence in Westchester County. Westchester has the resources we need, in particular a highly educated and skilled workforce, to continue to grow and pursue our goal to develop therapies that improve the lives of people living with MS, stroke, spinal cord injury, and other neurological conditions.”
Acorda’s partnership with Empire State Development Corporation, County of Westchester Industrial Development Agency (IDA), New York State Energy Research and Development Authority (NYSERDA) and the County of Westchester, New York produced an economic incentive package that made the move economically feasible for the Company, while promoting the retention of existing jobs and creation of new jobs in New York. Acorda will receive tax credits of up to $5.2 million as part of the New York State Excelsior Jobs Program, an employment-creation initiative administered by Empire State Development. Acorda is also eligible for various tax credits of up to $1.15 million through the County of Westchester IDA and for additional incentives through NYSERDA.
"Biotech is key to the future growth of the Hudson Valley economy," said U.S. Senator Kirsten Gillibrand. "Westchester is home to world-class research institutions, medical centers, laboratories and academic research organizations. The new Acorda corporate headquarters in Ardsley provides the Hudson Valley with a state-of-the-art space for Acorda to continue being a leader and innovator in the development of neurological medicines industry while creating and sustaining good paying jobs right here in Westchester."
“I congratulate Acorda on their move to the Ardsley Park life science campus. Their investment in the new state-of-the-art facility highlights the strength of Westchester County as a hub for biotech and life sciences companies,” added Congresswoman Nita Lowey. “I am proud that Acorda has flourished in Westchester, keeping approximately 200 biotechnology jobs in the community, and I look forward to their future accomplishments.”
“The life sciences industry is a critical part of Westchester County’s vibrant economy,” said Westchester County Executive Robert P. Astorino. “Acorda’s successful expansion into their new Ardsley Park facility helps to solidify Westchester’s 9A corridor – beginning at iPark in Yonkers and ending at The Landmark at Eastview in Tarrytown – as the heart of New York’s biotech corridor. Thank you to Acorda for being such a tremendous partner.”
"Under Governor Cuomo’s leadership, New York is working harder than ever to provide businesses the resources they need to keep growing and creating jobs in the communities they call home,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “The Mid-Hudson region is flourishing as a national leader of the biopharmaceutical industry and the partnership between the state and Acorda will continue to help grow the regional economy. We are especially proud to support this home-grown company and look forward to a long and prosperous relationship with a business that is as good at serving people as it is at turning a profit to boost the local economy.”
Purchased by BioMed Realty in 2011, the Ardsley Park life science campus comprises approximately 160,500 square feet of laboratory and office space and 500,000 square feet of future redevelopment and development potential that can accommodate multiple tenants. BioMed Realty successfully completed an extensive renovation of the property since acquiring the property.
About Acorda Therapeutics
Acorda Therapeutics is a biotechnology company focused on developing therapies that restore function and improve the lives of people with MS, spinal cord injury and other neurological conditions.
Acorda markets AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg, in the United States as a treatment to improve walking in patients with multiple sclerosis (MS). This was demonstrated by an improvement in walking speed. AMPYRA is marketed outside the United States as FAMPYRA® (prolonged-release fampridine tablets) by Biogen Idec under a licensing agreement from Acorda. AMPYRA and FAMPYRA are manufactured under license from Alkermes Pharma Ireland Limited.
The Company also markets ZANAFLEX CAPSULES® (tizanidine hydrochloride) and Zanaflex tablets, a short-acting drug for the management of spasticity. Acorda also receives sales royalties on tizanidine hydrochloride capsules, an authorized generic version of ZANAFLEX CAPSULES distributed by Watson Pharmaceutics, Inc. under its agreement with Acorda.
Acorda is developing an industry-leading pipeline of novel neurological therapies. The Company is studying AMPYRA to improve a range of functional impairments caused by MS, as well as its use in other neurological conditions, including cerebral palsy and chronic stroke. In addition, Acorda is developing clinical stage compounds AC105 for acute treatment of spinal cord injury and GGF2 for treatment of heart failure. GGF2 is also being investigated in preclinical studies as a treatment for neurological conditions such as stroke and spinal cord injury. Additional preclinical programs include rHIgM22, a remyelinating monoclonal antibody for the treatment of MS, and chondroitinase, an enzyme that encourages nerve plasticity in spinal cord injury.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including our ability to successfully market and sell Ampyra in the U.S.; third party payers (including governmental agencies) may not reimburse for the use of Ampyra at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; the risk of unfavorable results from future studies of Ampyra or from our other research and development programs, including any acquired or in-licensed programs; the occurrence of adverse safety events with our products; delays in obtaining or failure to obtain regulatory approval of or to successfully market Fampyra outside of the U.S. and our dependence on our collaboration partner Biogen Idec in connection therewith; competition, including the impact of generic competition on Zanaflex Capsules revenues; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and the ability to obtain additional financing to support our operations. These and other risks are described in greater detail in Acorda Therapeutics' filings with the Securities and Exchange Commission. Acorda Therapeutics may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and Acorda Therapeutics disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Jeff Macdonald, 914-326-5232