CEL-SCI Corporation – BIOMANUFACTURING FACILITY
Case Study – Acquisition and Redevelopment (“Buy-to-suit”)
76,785 square feet
- Office / Lab / Biomanufacturing
Financing & Development Services
- Building Identification and Acquisition
- Development Management
- Lease Structuring
- Identification and procurement of project
and subordinate debt.
Construction Start: 1Q08
Fully Occupied and Operational
A single-purpose entity affiliate of BioRealty acquired and redeveloped this 76,785 sf existing facility for use and occupancy by CEL-SCI Corporation – an emerging biotechnology company publicly traded on the American Stock Exchange (www.cel-sci.com, Ticker: CVM). CEL-SCI has and continues to manufacture a new and innovative immune-based ead and neck cancer therapy within the facility. That therapy is currently part of an 880 patient phase 3 clinical trial that is being conducted in nine countries. This trial is considered tha largest clinical trial ever done for a head and neck cancer.
The facility was acquired and redeveloped by BioRealty at a cost of approximately $22M. At completion, it was leased to CEL-SCI under a long term lease. The building includes lab and office space as well as serves as CEL-SCI’s principal biomanufacturing location for this new cancer therapy. The project development team consisted of BioRealty and BE&K Building Group, LLC. That team made all efforts to accelerate construction of the facility in order to expedite bringing this new cancer therapy to market.
The project is located in an undisclosed location of Baltimore, Maryland – one of the primary U.S. life science markets. In addition to providing development management services, BioRealty executed and closed on all components of the financing for this project during a very difficult capital market environment; consequently, it is indicative of BioRealty’s unique ability to secure lease-backed financing for early stage companies with complex facility requirements.