NEWPORT, Ky. — Ethos Laboratories, which provides laboratory testing services for the health care industry, announced it will expand its presence in Campbell County with a more than $2.2 million investment.
In response to the pandemic, the company pivoted in 2020 to provide COVID-19 PCR testing for schools and higher education institutions, long-term care facilities and first responders, among others.
The investment in the company’s 30,000-square-foot laboratory will support instrument expansions and upgrades to allow Ethos to produce more sensitive, accurate and specific data for pain management providers. The expanded services will contribute to the company’s mission to help more patients by providing the best possible data to health care professionals. Company leaders expect to implement the upgrades in equipment and technology beginning this month.
“We are very thankful for the continued support we’ve received since moving our operations to Newport, Kentucky, both at the local and state levels,” said Brian Kincaid, CEO of Ethos Laboratories. “This incentive by the state is another example of their pro-business approach to spur innovation in the life sciences.”
Founded in 2010, Ethos has been headquartered in Newport since 2013, with nationwide sales and field teams. The company’s laboratory service offerings contribute to a comprehensive set of diagnostic tools used by pain management providers and general practitioners to better care for patients, including Foundation Pain Index (FPI), toxicology, virology, immunology, serology and pharmacogenetics (PGx). Also headquartered at the Northern Kentucky location is Ethos Research & Development, a dedicated company focused on advancing treatment for chronic pain.
Ethos’ investment furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) approved the company for up to $100,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Ethos can receive resources from Kentucky’s workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
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