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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGenezen, a locally based gene therapy firm that has helped establish Fishers as an emerging hub for life sciences, announced on Monday the appointment of a new president and chief executive officer.
Steven J. Favaloro brings a background in finance in the life sciences industry to his new positions. He most recently was CFO of Cambridge, Massachusetts-based Arbor Biotechnologies from February 2022 to this month; CFO of Watertown, Massachusetts-based Arranta Bio from September 2019 to February 2022; and CFO of Cambridge, Massachusetts-based Brammer Bio from November 2018 to September 2019.
Genezen is a gene and cell therapy contract development and manufacturing organization—aka CDMO—specializing in lentiviral and retroviral vector manufacturing. Viral vectors are commonly used in gene therapy to deliver genetic materials into human cells.
“Steve’s track record in the CDMO market—particularly in viral vector and cell and gene therapy companies—speaks for itself and will be extraordinarily valuable in spearheading Genezen’s ambitious growth plan,” said Genezen founder and executive chairman Bill Vincent in a media release.
“We know that 2023 will be a pivotal year for the company, and with Steve’s experience and vision, there is tremendous confidence that we will achieve our goal to be a leading choice of CDMO in this sector,” Vincent said.
Genezen’s most recent CEO was Ray Kaczmarek, who was appointed in September 2021. It was not clear whether Kaczmarek was still with the company in some capacity, although he no longer is listed among company leadership on Genezen’s website. The firm did not immediately respond to an email inquiry from IBJ on Monday morning.
In November 2021, Genezen announced plans to spend $40 million to expand its Fishers facility and create up to 62 jobs by the end of 2023. The company said the 75,000-square-foot addition to its operations in Crosspoint Business Park would triple its current footprint. It completed construction on the addition in September 2022.
Genezen originally operated out of Launch Fishers and announced plans in April 2020 to invest nearly $8 million to establish its space at the business park and create 36 jobs.
Several other life sciences firms have announced plans for operations in Fishers in recent years, including South Korea-based Genome & Co., Italy-based Stevanato Group and Australian biopharma firm Telix Americas.
Boston-based private equity firm Ampersand Capital Partners, the majority investor in Genezen, is supporting an expansion of the firm, including addition of a future site close to Boston, according to the firm’s media release.
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