High-tech research lab joining growing Northern Kentucky life sciences corridor
NEWPORT, Ky. (May 30, 2013) –Ethos Laboratories will locate a pain management laboratory in Newport, create 45 jobs in the life sciences sector and invest more than $2.6 million.
“We’re proud to welcome Ethos Laboratories and its highly skilled lab technicians and managers to northern Kentucky,” said Gov. Steve Beshear. “This investment in Newport and the commonwealth is another highlight in Kentucky’s growing life science sector.”
Ethos Laboratories is a premier provider of laboratory services nationwide, specializing in the pain management market and also offering blood/serum and urinalysis testing, as well as general chemistry testing. The company also dedicates substantial resources to its research and development efforts with diagnostic testing options for pain patients.
“Our toxicology expertise is utilized by medical providers across the country,” said Tim Adams, Ethos Laboratories CFO. “We will enhance our services for our customers with a new state-of-the-art facility in the heart of Newport. We appreciate the level of service and coordination that have been provided to us from Newport Mayor Jerry Peluso up to Gov. Beshear’s office.”
Ethos Laboratories acquired a 30,000-square-foot facility at 30 East Sixth St. in Newport. The building was formerly owned by Trauth Dairy. Ethos Laboratories joins an impressive group of life sciences companies in northern Kentucky, including Wood Hudson Cancer Research in Newport, Bexion Pharmaceuticals in Covington, PPD in Campbell County and ViaCord in Boone County.
“Ethos is the type of high-tech life sciences company we are focused on bringing to our region,” said Steve Pendery, Northern Kentucky Tri-ED Executive Board member and Campbell County Judge-Executive. “We welcome the life sciences focus and testing-oriented jobs and advancement Ethos Laboratories is bringing to Campbell County.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $500,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved the company for tax benefits up to $30,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
For more information on Ethos Laboratories, visit www.ethos-labs.com.