Korean biotechnology company, Nature Cell, is planning to open a stem cell facility in Baltimore, bringing 500 new jobs, the governor announced Tuesday.

The 100,000 square foot manufacturing facility will be located at 1401 Severn Street in the mixed-use Gaslight Square complex. The facility will be completed by 2031 in two phases, according to the governor's office.

Nature Cell's business involves stem cells, cosmetics and food and beverage development and manufacturing. The Baltimore facility will be operated by Nature Cell America, which plans to focus on knee osteoarthritis and Alzheimer's stem cell research, clinical trials and manufacturing investigative products.

The company will aim to produce one million doses of its stem cell injection product, JointStem, per year.

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