The Cumberland Economic Development Corporation is pleased to announce the decision of Ibex Biosciences, LLC (“Ibex”) to establish their operations in Cumberland, Maryland. With initial employment of three employees, and with infrastructure built out to support up to 12 scientist and administrative employees; Ibex becomes the first independent biotech lab to locate in Allegany County.
The successful efforts to assist Ibex in establishing their operations in Cumberland is the beginning of a goal to build upon the strong biotech presence in the state of Maryland and capitalize on enhanced incentives offered by the state. According to President and Cofounder of Ibex, Murat Croci “The increased incentives offered for biotech investment in Cumberland was a primary reason for our decision to look beyond the more traditional location choices for this industry. The efforts of Delegate Jason Buckel to ensure these credits were enhanced for rural areas needs to be applauded by all in this region.”
The Biotechnology Investment Incentive Tax Credit (BIITC) provides an investor with income tax credits for investment in a Qualified Maryland Biotechnology Company. The program supports investment in seed and early stage biotech companies to promote and grow the biotech industry in Maryland.
Delegate Buckel added, “I see this as a great start but I encourage the local leadership to follow the CEDC’s lead in making this one of the priority industries we pursue. Small companies like Ibex are what we need as a starting point, and I’m convinced if we as a community make this a priority then someday soon we can start competing for larger companies that will bring high wage jobs into Cumberland.”
“It has been a great experience being able to work with Mr. Croci during this process,” said Matt Miller, Acting Executive Director of the CEDC. “It’s also exciting to see a new and emerging industry choose to locate in a historic Cumberland building.”
About Ibex Biosciences, LLC
Ibex Biosciences, LLC (“Ibex”) is a Delaware Limited Liability Company headquartered in Cumberland, Maryland. Unique to many early-stage biotechnology companies, Ibex is engaged in a diverse approach to research and development. Ibex strives to discover, validate, and produce potential solutions to a multitude of serious challenges facing human and ecological health by investing in exploratory projects and processes that may not have been validated within the public research community.
About Cumberland Economic Development Corporation
The Cumberland Economic Development Corporation is a registered Maryland non-profit economic development organization focused on the betterment of the Cumberland region, headquartered in Cumberland, Maryland. The CEDC is overseen by a board of directors comprised of established business leaders and staffed by professionals with years of economic development experience and education.