In just three years, Paragon Bioservices has more than doubled its employee count as it explores the latest in biopharmaceutical development at its Baltimore City location. The company – founded nearly 30 years ago – received institutional funding in 2014 and started a growth spurt as it restructured its executive management team to capitalize on Paragon’s expertise in the rare disease and gene therapy space. Located in the University of Maryland BioPark, Paragon has increased its workforce from 100 to 225 employees.
The company’s CEO, Pete Buzy, credits much of that growth to funding and incentives like the One Maryland Tax Credit, which allows businesses that invest in economic development projects in select areas to receive state income tax credits, project tax credits, and start-up tax credits. Those credits in combination with funding from two major regional private equity firms, Camden Partners and NewSpring Capital, have allowed Paragon to experience rapid growth.
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