Covering The Economy

Nov 12, 2012 12:05 PM

Five Companies Relocate To Lexington

Gingivitis, clean energy, bipolar disorder, satellites, leukemia treatments, wireless communication, and in-home monitors for patients.

The five companies that announced a move to Lexington on Monday demonstrate the breadth of Lexington's high tech industry, economic development officials say.

The Bluegrass Business Development Partnership (BBDP), a collaborative partnership of the City of Lexington, Commerce Lexington Inc., and the University of Kentucky announced that five new companies have relocated to the community. All are technology based companies that have received federal Small Business Innovative Research (SBIR) grants. The companies were drawn to Lexington for many reasons, one of which was access to the BBDP Rent Subsidy Program. 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, funded by the city through the partnership, is available to companies who have received an SBIR matching grant from the state of Kentucky.

"The Commonwealth welcomes all five of these companies to Lexington," Gov. Steve Beshear said. "This is a tremendous day for Kentucky; not only are we excited about 50 new, high-tech jobs and millions of dollars in investment, but we realize how attractive the Commonwealth is for innovative companies that require a vibrant workforce. These companies enhance our reputation and demonstrate the outstanding quality of our people."

"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 all different technologies, each company is developing cutting-edge advancements in their industries. All companies worked closely with the BBDP on establishing operations in Lexington. The five companies relocating are Biomedical Development Corporation (San Antonio, Texas), Innovative Energy Solutions (Chicago, Illinois), Invenio Therapeutics, Inc. (Cleveland, Ohio), Minerva Systems & Technology (Middleton, Rhode Island), and TeleHealth Holdings (San Antonio, Texas). The companies will create over 50 high-tech, high-paying jobs for 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, LFUCG Commissioner of General Services Sally Hamilton presented Lexington a proclamation stating November 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 Inc. "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 Corporation is a 28 year-old company that develops innovative healthcare 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 healthcare 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. Biomedical has received two awards from the Kentucky SBIR-STTR Matching Funds program.

Innovative Energy Solutions (IES) 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 Inc. 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. At Invenio, we are constantly involved in research and development of cutting-edge drug treatments targeting Acute Myeloid leukemia (AML) for which currently no cure exists. Discoveries and our ongoing R&D efforts have put Invenio at the cutting-edge of drug development.

Minerva Systems & Technologies, LLC is an emerging technology company with expertise in navigation and guidance, satellite & wireless communications, signal processing, and embedded hardware and software design and development The company relocated from Middleton, Rhode Island to the University of Kentucky's ASTeCC. Currently have SBIR Awards from Navy (Phase 2) and Army (Phase 1).

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.
These companies received over $2 million dollars in federal SBIR-STTR awards from the National Institutes of Health, Department of the Army, and National Science Foundation. These federal awards have been matched by Kentucky's SBIR/STTR matching funds program, managed by the Kentucky Cabinet for Economic Development.


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