Veru has found a new home in Wynwood.
The Miami-based biopharmaceutical company (Nasdaq: VERU) signed an eight-year lease to occupy a 12,155-square-foot space at The Gateway at Wynwood, a new office and retail building at 2916 N. Miami Ave.
Veru will more than triple the size of its current office at 48 N.W. 25th St., Miami when it moves into The Gateway in early 2022. The company had 28 full-time workers in the U.S. at the end of 2020, according to regulatory filings.
Veru CEO Dr. Mitchell Steiner described the company as a high-tech venture that will be well-served in the popular Miami neighborhood, already home to several tech businesses. Veru focuses on developing new biopharmaceuticals for the treatment of breast and prostate cancers
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“We believe that Wynwood’s eclectic mix of commerce, culture, restaurants and technology provides the ideal location to enable Veru to continue to grow and flourish as a global leader in oncology therapeutics," Steiner said.
The move comes after Veru raised $100 million through a common stock offering that closed in February. The company reported it intended to use the proceeds for research and development; clinical trials; regulatory, sales and marketing expenditures; and working capital.
In addition to cancer treatments, Veru is conducting an ongoing late-phase clinical trial for a pharmaceutical to treat Covid-19 patients at high risk for acute respiratory distress syndrome. The Miami-based company also has offices in London and Malaysia, where most of its full-time employees are based.
The Gateway, under development by New York-bases R&B Realty Group, is scheduled to be completed at the end of this year. The 12-story building will include 195,000-square-feet of Class A office space, 25,900-square-feet of street level retail space, a private rooftop terrace and five floors of covered parking.
Wynwood is among the top destinations for new technology startups flocking to Miami, with Founders Fund, Atomic and OpenStore among the ventures to sign leases in the area over the past year. Tech leaders say Wynwood's vibrant art, unique food and beverage concepts and low, warehouse-style buildings are attractive to new companies that want to create a campus-like environment for collaboration.
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