BUFFALO, N.Y., July 27, 2017 (GLOBE NEWSWIRE) -- Athenex, Inc. (Nasdaq:ATNX), a global biopharmaceutical company dedicated to
the discovery, development and commercialization of novel therapies for the treatment of cancer, today announced that it has
obtained New York State and local tax incentives related to its $208 million state-of-the-art pharmaceutical manufacturing
facility in the Town of Dunkirk, New York.
At a meeting of the Chautauqua County Industrial Development Agency (CCIDA) on Tuesday, the Board approved tax incentives for
Athenex, including a sales tax exemption, valued at approximately $9.1 million and a 20-year payment in-lieu of tax agreement for
the construction of the oncology drug manufacturing facility.
“We are thrilled to be working closely with the CCIDA as we move forward with the development of our Dunkirk facility. Our
strong presence in New York State will continue to be integral in our efforts to develop transformative treatments for cancer
patients,” stated Jeffrey Yordon, Athenex’s Chief Operating Officer.
Nick Riehle, Athenex’s Chief Financial Officer added, “The CCIDA’s approval of tax incentives valued at $9.1 million is a
critical step towards the development of our Dunkirk facility and underscores our strong partnership with the State of New York and
Chautauqua County. With these tax incentives in place, we are ready to push towards the facility’s groundbreaking.”
Kevin Sanvidge, Executive Director and CEO of the CCIDA also commented, “The County of Chautauqua Industrial Development Agency
is pleased to have the opportunity to partner with Athenex and have the ability to provide financial incentive in the form of tax
abatements. These will apply to both for property and sales tax. We believe that these incentives will secure Athenex to have the
manufacturing facility in Chautauqua County.”
New York State will invest $200 million to construct the facility, which Athenex will use to manufacture high potency oncology
drugs in a controlled environment for distribution globally.
Athenex is now working with its contractor to finalize the design of the facility, with plans to break ground within the next
several months.
About Athenex, Inc.
Founded in 2003, Athenex, Inc. is a global clinical stage biopharmaceutical company dedicated to becoming a leader in the
discovery and development of next generation drugs for the treatment of cancer. Athenex is organized around three platforms
including an Oncology Innovation Platform, a Commercial Platform and a Global Supply Chain Platform. Athenex’s Oncology Innovation
Platform generates clinical candidates through an extensive understanding of kinases, including novel binding sites, human
absorption biology and through the application of Athenex’s proprietary research and selection processes in the lab. The Company’s
current clinical pipeline is derived from two different platform technologies Athenex calls Orascovery and Src Kinase Inhibition.
The Orascovery platform is based on the novel oral P-glycoprotein pump inhibitor molecule HM30181A, through which Athenex is able
to facilitate oral absorption of traditional cytotoxics, which Athenex believes may offer improved patient tolerability and
efficacy as compared to IV administration of the same cytotoxics. The Src Kinase Inhibition platform refers to novel small molecule
compounds that have multiple mechanisms of action, including the inhibition of the activity of Src Kinase and the inhibition of
tubulin polymerization during cell division. Athenex believes the combination of these mechanisms of action provides a broader
range of anti-cancer activity as compared to either mechanism of action alone. Athenex’s employees worldwide are dedicated to
improving the lives of cancer patients by creating more active and tolerable treatments. Athenex has offices in Buffalo and
Clarence, New York, Cranford, New Jersey, Houston, Texas, Chicago, Illinois, Hong Kong, Taipei Taiwan, and multiple locations in
Chongqing, China.
CONTACT: Nick Riehle Tel: +1-716-427-2952 Athenex, Inc.
