Precision For Medicine, a provider of specialized services, technology and infrastructure for life sciences companies, will expand its headquarters at a new location in Bethesda, Maryland
. The company will also expand its operations center in Frederick, Maryland, to be used for biorepository and lab operations. In total, the company will retain 81 jobs and create 170 new jobs between the two locations.
“By working with our partners in Montgomery County and the City of Frederick as well the leadership of Precision for Medicine, we are preserving 81 jobs, creating 170 new jobs and ensuring that this company will continue to grow and invest in Maryland,” said Governor Martin O’Malley. “Our most important priority continues to be creating and retaining the kinds of highly-skilled, innovative jobs that will help sustain Maryland’s economy for today and for decades to come.”
“Today’s announcement that Precision for Medicine will remain and expand in Montgomery County is exciting news, and reinforces why we are one of the top biotech clusters in the country,” said County Executive Leggett. “By strategically partnering with the State of Maryland and the City of Frederick, we show the regional and national business community that Montgomery County and Maryland are indeed business friendly and stand ready to assist companies who have demonstrated their ability and desire to grow here and add coveted, knowledge-based jobs to our local economy.”
“I am delighted to have Precision for Medicine, Inc. grow its operations here in Frederick,” said Frederick Mayor Randy McClement. “Collaborating with Maryland DBED and Montgomery County to assist the company with its growth plans was terrific and Frederick is working hard to be a regional partner in business development.”
To assist the firm with expansion costs, the State has approved a $750,000 conditional loan through the Maryland Department of Business and Economic Development. In addition, Montgomery County has approved a $200,000 conditional grant and the City of Frederick approved a $50,000 conditional loan. The company is also eligible for a number of State and local tax credits and programs.
"We are extremely pleased to have been selected as a recipient of the Maryland Department of Business and Economic Development's financing program,” said Precision for Medicine’s Chief Operating Officer Chad Clark. “We will deploy this attractive financing to significantly expand our state-of-the-art biorepository and laboratory capabilities in Frederick as well as our corporate headquarters in Bethesda. Precision is committed to an extensive growth strategy largely focused in Maryland.”