Who is Theracell that invests 80 million in Corinth

By George Lampiris

The biotechnology company, Theracell, is making a move regarding the creation of a Biotechnology and Innovation Technology Park in Lechaio, Corinth, after the approval of the inter-ministerial committee, something that Adonis Georgiadis announced, on the sidelines of the journalists’ briefing. The total investment will amount to 80 million euros.

Theracell Advanced Biotechnology is based in Greece. Founded in 2013, it specializes in the development of innovative cell and gene therapy products and is involved in the distribution of a variety of Cell and Gene Therapy (CGT) products. The company’s therapeutic portfolio extends to the fields of orthopedics, dermatology, nephrology, immuno-oncology and tissue repair and regeneration.

Through strategic partnerships, Theracell Advanced Biotechnology participates in the process of implementing Personalized Medicine tailored to the individual needs of the patient. One such case is the strategic cooperation with Orgenesis, with the aim of expanding the therapeutic processes.

The company will also provide cell therapies to patients, through this investment, something that the minister pointed out, among other things. It is noted that the work required for the implementation of the investment is scheduled to begin during 2022.

The financial performance of the company

Examining the financial performance of the company “Theracell Advanced Biotechnological Applications Sole Proprietorship SA”, in Greece, its turnover was 6.63 million euros in 2020 from 701,683 euros in 2019. In terms of net profits during the same period amounted to 1.8 million euros compared to 158.5 thousand euros last year.

It should be noted that the Theracell – Orgenesis scheme was launched in 2019 in collaboration with the Hygeia group, with the object of providing cellular and gene therapies. However, this move changes the data in this area, where Theracell will now move with the same forces to provide specific treatments and services in the area it serves.

The announcement of the Ministry of Development

The Interministerial Committee for Strategic Investments approved on Tuesday 23 November the new investment plan “Personalized Cellular & Gene Therapies next to the Greek Patient (POCare Model)” of Theracell Laboratories IKE., With a total budget of 83 million euros. This investment is expected to create 173 new jobs by the sixth year of the investment and a total of 512 by its last year, 2040.

The Committee met under the chairmanship of the Minister of Development and Investment Mr. Adonis Georgiadis, with the participation of the Minister of Finance Mr. Christos Staikouras, the Minister of Environment and Energy Mr. Costas Skrekas, the Minister of State Mr. George Gerapetroptis and Of Investment Mr. Nikos Papathanasis, of the Deputy Minister of Development and Investment Mr. Christos Dimas, of the Deputy Minister of Foreign Affairs Mr. Costas Frangogiannis, of the Secretary General Of Private Investments and PPP Mr. Orestis Kavalakis, of the General Secretary Health Services Mr. Ioannis Kotsiopoulos and the Secretary General International Economic Relations and Extroversion Mr. Giannis Smyrlis.

The investment includes the purchase and transfer of existing technologies to Theracell and their further development to be successfully applied to both existing and future therapies. It also includes the installation of a central production unit and research laboratories in Corinth, which will carry out the general coordination of all OMPULs throughout the country, as well as the research and development of future treatments for diseases that until now can not be successfully treated (R&D laboratory). .

The Minister for Development and Investment, Mr. Adonis Georgiadis, made the following statement: This investment, totaling 83 million euros, will provide pioneering cell therapies at a much lower cost than EOPYY pays for similar treatments, and will create hundreds of jobs in research and technology. This is the Greece we want and deserve to have “.

The Deputy Minister of Development and Investment, Mr. Nikos Papathanasis, stated in this regard: “The investment of Teracell confirms in turn that our country is now one of the most attractive investment destinations in the field of medical research and technology. With the new framework For Strategic Investments, which will become a state law in the coming days, we give further impetus to investments related to research and development and biotechnology, and set the framework for attracting even more innovative investments in medical research level to our fellow citizens “.

For his part, the Undersecretary of Development and Investment, Mr. Christos Dimas, made the following statement: The project budget is expected to reach € 83 million and in the first phase will accommodate more than 180 skilled workers in the field of technology and innovation.This project is expected to become a reference point for innovation and life sciences in Greece but It will be significantly contributed to the development of the wider area of ​​Corinth. “.

The Secretary General of Private Investments and PPPs, Mr. Orestis Kavalakis, made the following statement: “The investment approved by the Interministerial Committee strengthens the research and experimental development of treatments which, among other things, are expected to contribute significantly to the biotechnology sector. It is a high quality project that will improve the lives of patients and will be easily accessible through mobile production units. “