LEXINGTON, Ky. (Nov. 12, 2012) — Five companies that received more than $2 million in federal incentives and a Kentucky match have relocated to Lexington.
The Bluegrass Business Development Partnership (BBDP), a collaborative partnership of the City of Lexington, Commerce Lexington Inc., and the University of Kentucky announced the relocation of the technology-based companies today.
Each of the companies received federal Small Business Innovative Research (SBIR) grants 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.
The companies were drawn to Lexington for many reasons, one of which was access to the BBDP Rent Subsidy Program, which 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.
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), Innovative Energy Solutions (Chicago), Invenio Therapeutics, Inc. (Cleveland), Minerva Systems & Technology (Middleton, R.I.), and TeleHealth Holdings (San Antonio). 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, Commissioner of General Services Sally Hamilton presented Lexington a proclamation stating 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.”
For more information about the Bluegrass Business Development Partnership, visit www.thinkbluegrass.com.
About the companies
- Biomedical Development Corp. is a 28 year-old company that develops innovative healthcare technologies from the laboratory to the market. 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.
- 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. Invenio constantly is involved in research and development of cutting-edge drug treatments targeting Acute Myeloid leukemia (AML) for which currently no cure exists.
- Minerva Systems & Technologies LLC 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 to the University of Kentucky’s ASTeCC.
- 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.