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Monday, November 12, 2012

Local incentives draw five technology-based companies to Lexington, officials announce

The Bluegrass Business Development Partnership, a collaborative partnership of the City of Lexington, Commerce Lexington Inc., and the University of Kentucky, announced today that five new companies have relocated to the community, adding 50 new, high-tech jobs and bringing millions of dollars in investment.

All five – Biomedical Development Corp. (San Antonio, Texas), Innovative Energy Solutions (Chicago), Invenio Therapeutics Inc. (Cleveland, Ohio), Minerva Systems & Technology (Middleton, R.I.), and TeleHealth Holdings (San Antonio, Texas) – are technology-based companies that have received federal Small Business Innovative Research grants.

The companies were drawn to Lexington for many reasons, including access to the BBDP Rent Subsidy Program, officials said. The program, designed to help these emerging technological companies, provides a rent subsidy up to $10,000 the first year they are in Lexington. The program is funded by the city through the partnership and is available to companies who have received an SBIR matching grant from the state of Kentucky.

“Technology companies generally produce good jobs, and creating good jobs is my top priority,” Mayor Jim Gray said. “That’s why it’s important to encourage new technology companies by giving them the opportunity to grow.”

Although they represent different technologies, each company is developing cutting-edge advancements in their industries, officials said. All companies worked closely with the development partnership to establish operations in Lexington. Based on Commerce Lexington’s economic impact model created by the University of Louisville, the economic impact of these five companies will create 18 indirect jobs and 22 induced jobs for the region.

The companies were recognized at the kick-off event for Global Entrepreneurship Week. After the announcement, Commissioner of General Services Sally Hamilton presented Lexington a proclamation stating that Nov. 12-18, 2012, as Global Entrepreneurship Week.

“The University of Kentucky is proud to engage with and welcome these companies to Lexington,” said Interim Provost and Dean of the College of Pharmacy, Dr. Tim Tracy. “The intellectual capital we offer as the Commonwealth’s flagship and land grant research university – in partnership with the business expertise of these companies – bolsters the development of a high-tech, high-wage economy in the Bluegrass region.”

“Commerce Lexington Inc. has enjoyed working closely with each company alongside the BBDP,” says Bob Quick, president and CEO of Commerce Lexington. “Our team coordinated meetings with realtors, faculty at UK, and tours of the community. We are excited about their location and hope to continue to cultivate deeper relationships with them as they grow here in Lexington.”

Biomedical Development Corp. is a 28-year-old company that develops health care technologies from the laboratory to the market. Founded in San Antonio, Texas, the company is now expanding into Lexington. Its Kentucky operations focus on new health care IT, KIOS Health; a medical mouth rinse that fights gingivitis and improves heart health; the commercialization of these technologies and relocation of its corporate office.

Innovative Energy Solutions has taken space in an industrial park off of Buck Lane. IES is a clean-tech company developing waste-to-energy technologies for the petroleum and coal sectors. The company has obtained a broad patent on its organically developed technology. IES is actively pursuing energy development projects that will lower energy costs for local clients.

Invenio Therapeutics is an early stage biopharmaceutical company developing novel drug compounds that terminally differentiate leukemia cells so that they no longer have the ability to divide and replicate. Invenio is involved in research and development of cutting-edge drug treatments targeting acute myeloid leukemia for which currently no cure exists.

Minerva Systems & Technologies is an emerging technology company with expertise in navigation and guidance, satellite and wireless communications, signal processing and embedded hardware and software design and development. The company relocated from Middleton, R.I., to the University of Kentucky.

TeleHealth Holdings develops, manufactures and markets health status monitoring solutions systems for home health and assisted living markets. MedSignals is the core product, which is a cellular-embedded medication reminder, monitor, and hub for vital sign monitoring in real time. The company is located at Contract Street.

For more information about the Bluegrass Business Development Partnership, click here.

From Commerce Lexington



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