Thursday, 05 30, 2013
High-tech research lab joining growing northern Kentucky life sciences corridor, investing more than $2.6 million in the Commonwealth
NEWPORT, Ky. – Governor Steve Beshear announced today that Ethos Laboratories will locate a pain management laboratory in Newport, with plans to create 45 jobs in the life sciences sector and invest more than $2.6 million in the project.
“We’re proud to welcome Ethos Laboratories and its highly skilled lab technicians and managers to northern Kentucky,” said Gov. 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 Laboratories’ investment and redevelopment of an existing facility is ideal for Newport’s urban core,” said Rep. Dennis Keene, of Wilder. “This company will bring great energy to the center of Newport in concert with the vitality of Newport on the Levee and several other economic development projects underway.”
“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.”
“We are thrilled Ethos Laboratories is bringing jobs and locating in Newport,” said Newport Mayor Jerry Peluso. “This is exactly the type of project we’re working to attract to the city of Newport, and it will bring new energy and people to our urban core.”
“The redevelopment of the Trauth facility on East Sixth by Ethos Laboratories is great news for the neighborhood and business community,” said Tom Fromme, Newport city manager. “We continue to work strategically to attract similar investment in Newport.”
To encourage the investment and job growth in northern Kentucky, 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.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
For more information about northern Kentucky, visit NorthernKentuckyUSA.com.
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