WASHINGTON — Gaithersburg, Maryland-based vaccine maker Novavax Inc. will triple its workforce as part of a planned expansion.
Novavax said it will as many as 850 new jobs to its current 400-person workforce. To accommodate its growing pipeline of vaccine candidates, Novavax will expand its research, development and clinical trial support operations. In addition to its Gaithersburg headquarters, Novavax also has operations in Rockville, Maryland.
The Maryland Department of Commerce has approved $5 million in conditional loans for three phases of the expansion through the Maryland Economic Development Assistance Authority and Fund. The loans are based on the company’s job creation and investment as part of its expansion.
Montgomery County has also approved grant money of up to $2.5 million, and the city of Gaithersburg has approved a $50,000 grant for the company.
Novavax also is eligible for a number of state tax credits.
Novavax moved to a new research and manufacturing facility in Gaithersburg this past summer.
Novavax is developing influenza vaccines under a contract with the Department of Health and Human Services. It has more than doubled its research and development expenses in the past year.
The company had a first quarter net loss of $77.3 million and $4.2 million in first quarter revenue.