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Dave Finnegan, 617/914-2520
This press release relates to the FCS+T Group property:
Baltimore, MD (October 9, 2007) - Cangen Biotechnologies has signed a lease for approximately 12,300 square feet at The Science + Technology Park at Johns Hopkins. The Forest City-New East Baltimore Partnership announced that Cangen is the newest tenant located at 855 N. Wolfe St., the first of five planned life science office facilities at the Science + Technology Park.
Cangen joins the Johns Hopkins Institute for Basic Biomedical Sciences & the Howard Hughes Medical Institute at the 278,000-square-foot, state-of-the-art office research building, scheduled to open in spring 2008.
"Tenants like Cangen Biotechnologies confirm that the new community we are building in East Baltimore is meeting the objectives of all stakeholders," said Scott Levitan, Senior Vice President and Director of Development for the Science + Technology Park at Johns Hopkins. "Life science companies like Cangen Biotechnologies will be successful because they will have immediate access to the resources of Johns Hopkins Medical Institute within a transformed community that will welcome back former residents and new residents to first-rate housing, retail, recreation and job opportunities."
The building will provide state-of-the-art facilities for advanced research companies and tenants will also have use of sophisticated research equipment located elsewhere on the Johns Hopkins campus. The Science + Technology Park at Johns Hopkins is one component of the transformation of the East Baltimore community that is overseen by East Baltimore Development, Inc. The project will provide 850 new residential units for returning and new residents in mixed-income housing, new life science, office and retail space supported by customized technical training programs to enhance the skills of Baltimore's workforce to meet the requirements of companies locating in the Park, a new community school and new open space. The success of the collaboration among the East Baltimore neighborhoods, the State of Maryland, the City of Baltimore, East Baltimore Development, Inc., the Annie E. Casey Foundation, the Goldseker Foundation, Forest City-New East Baltimore Partnership and its subdevelopers to rebuild and create new opportunities within the New East Baltimore community is being noted as a national model for physically and economically reinvigorating core urban communities.
"We are excited to be expanding our presence in East Baltimore," said Lawrence Agulnick, Chief Operating Officer of Cangen Biotechnologies. "I believe that close proximity to the academic and research resources of Hopkins will be of critical benefit to Cangen as we continue to commercialize diagnostic technologies developed at Hopkins. The Science + Technology Park has been exceptional in allowing us to customize the facilities we need. The Forest City-New East Baltimore Partnership, East Baltimore Development, Inc., and the Hopkins teams are valuable partners."
"Cangen is a great example of the translational research that takes place between Hopkins researchers and international collaborators to accelerate drug discovery," said Aris Melissaratos, Senior Advisor to the President of Enterprise Development at Johns Hopkins. "We at Hopkins believe that this is the first of many companies that will populate the Science + Technology Park at Johns Hopkins, bringing jobs and economic development to the new and livable community that the East Baltimore development partners are building on the east side of Baltimore. We are particularly excited for the two Hopkins faculty who have created this company, Drs. David Sidransky and Chulso Moon."
Cangen Biotechnologies, Inc. is a cancer-focused biotechnology company developing non-invasive diagnostic tests for early detection of cancer. The Company has completed enrollment of patients in a Phase 3 study to evaluate a molecular diagnostic test for the early detection of bladder cancer, based on microsatellite DNA instability and expects to bring its first product to market in early 2008.
Cangen Biotechnologies is headquartered in Bethesda, MD, has laboratories in Rockville, MD and conducts additional research at Johns Hopkins University in Baltimore, MD. The company has a clinical trial center in Seoul, Korea and operations in Tokyo, Japan. Cangen is on the World Wide Web at www.cangenbio.com.
About the Developers
The Science + Technology Park at Johns Hopkins, which is being developed by The Forest City-New East Baltimore Partnership, is part of an ambitious mixed-use development program that is being undertaken in an area of East Baltimore immediately north of the Johns Hopkins Medical Institutions. The first phase of development plans for the 31-acre Phase I area being developed by the Partnership to include the 1.1-million-square-foot Science + Technology Park, over 850 housing units for mixed-income buyers and renters, and a variety of retail services. The Partnership consists of the Forest City Science + Technology Group and Presidential Partners, LLC, a minority-business consortium of Baltimore-based developers. Including the development activities which are being undertaken by the Partnership, the overall East Baltimore redevelopment initiative will generate new job opportunities.
Presidential Partners is a consortium of award-winning developers and builders specializing in mixed-use projects. Presidential Partners includes: Banks Contracting, Lambda Development, Legacy Harrison Enterprises, and The Wilkinson Group. Presidential Partners has earned recognition for top-notch strategic planning and an enviable ability to spot and spark urban revitalization. Combined, they offer nearly a century of industry experience and innovative collaboration. www.presidentialpartnersllc.com
Forest City Science + Technology Group (www.forestcityscience.net) operates a portfolio of more than two million square feet of life science/technology office space with more than eight million square feet in the planning or development stages. Its properties are in major markets including Boston, Baltimore, Philadelphia, Chicago and Denver.
Forest City Science + Technology Group is a division of Forest City Enterprises, Inc., a $9.5 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.
Safe Harbor Language
Statements made in this news release that state Forest City's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. Forest City's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, real estate development and investment risks, economic conditions in Forest City's primary markets, dependence on rental income from real property, downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or insolvency of tenants, reliance on major tenants, the impact of terrorist acts, risks associated with an investment in and the operation of a professional sports franchise, conflicts of interest, Forest City's substantial debt leverage and the ability to service debt, the impact of restrictions imposed by Forest City's credit facility, changes in interest rates, the continued availability of tax-exempt government financing, effects of uninsured losses, environmental liabilities, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, litigation risks, and other risk factors as disclosed from time to time in Forest City's SEC filings, including but not limited to, the Company's annual and quarterly reports.