Cabinet for Economic Development
Two Kentucky High-Tech Companies Awarded Funding for Expansions

Press Release Date:  Thursday, October 29, 2009  
Contact Information:  Mandy Lambert, (502) 546-7670  


Two Kentucky High-Tech Companies Awarded Funding for Expansions

Lexington and Louisville companies focus on potentially breakthrough developments

 

FRANKFORT, Ky. (October 29, 2009) – The Kentucky Economic Development Finance Authority (KEDFA) today awarded two high-tech Kentucky companies, Louisville Bioscience, Inc., and Laboratory and BioDiagnostics, LLC, (LabDx), state funding of up to $250,000 each from the Cabinet for Economic Development’s High-Tech Investment Pool. The companies are anticipated to create a combined 36 new high-tech jobs at an average annual salary of over $64,000.  

LabDx is employing technology to permit transferring lab results directly from the company’s new medical laboratory to customers’ electronic medical records systems. Their laboratory and reporting services will be marketed to physicians and medical facilities to help eliminate errors while improving reporting speed.  

Louisville Bioscience employs a proprietary lab technique that profiles a patient’s blood plasma proteins to help detect autoimmune and infectious diseases, as well as cancer in their early stages. The new platform technology is also expected to have other applications, including identifying biomarkers and targets for new drugs.  For more information, visit www.louisvillebioscience.com. 

“The KEDFA awards to these two companies recognize the valuable technology each is developing, whether it involves allowing a patient to get their lab results faster or a doctor to detect diseases in patients sooner,” said Governor Steve Beshear. “Either of these potentially breakthrough developments will not only create high-tech jobs in Kentucky, but also help save the lives of people in our state and across the nation.” 

Details about the companies receiving funding include: 

Laboratory and BioDiagnostics (LabDx) Lexington; up to $250,000 in the form of a forgivable loan to help purchase equipment and outfit the company’s laboratory. LabDx states that diagnostic medicine is one of the fastest growing segments in the healthcare industry as treatment models change from cure-and-eradicate to diagnose-and-prevent. The initial target market will be non-hospital based patient care providers currently using independent laboratories. 

A client of the Lexington Innovation and Commercialization Center, LabDx anticipates it will create a minimum of 18 full-time, high-tech and technical support jobs for Kentucky residents by December 31, 2010, paying an average annual salary of approximately $64,500, exclusive of benefits.  

“LabDx appreciates the support of Commerce Lexington, the Lexington Innovation and Commercialization Center, and Cabinet for Economic Development’s Department of Commercialization and Innovation,” said LabDx President Robert Mudd. “The project could not have been possible without their assistance.” 

Louisville BioscienceLouisville; up to $250,000 in the form of a forgivable loan to help pay patent protection expenses and purchase laboratory instruments and equipment. The company is a private subsidiary of Portland Bioscience of Portland, Oregon. The technology was invented by Dr. Jonathan Chaires, Dr. Bennett Jenson and Dr. Nichola Garbett  of the James Graham Brown Cancer Center. Louisville Bioscience has an exclusive license from the University of Louisville to two patent applications that cover the use of a specific blood test to help detect and monitor diseases. 

The company was also approved for tax incentives up to $300,000 under Kentucky’s new incentive program, the Kentucky Business Investment (KBI) Program.  The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments.  The maximum annual approved amount to be earned by Louisville Bioscience under KBI is $30,000.   

A client of the Louisville Innovation and Commercialization Center, Louisville Bioscience anticipates it will create a minimum of 18 full-time, high-tech and technical support jobs for Kentucky residents by December 31, 2012, paying an average annual salary of $70,000, exclusive of benefits.  

“The Commonwealth of Kentucky has demonstrated its commitment to economic development through its investment in a leading-edge technology like LBI’s blood plasma test,” said Mark Wisniewski, chief operating officer for Louisville Bioscience. “The types of financial incentives offered by the Cabinet for Economic Development were critical to our decision to locate our core business operations in Kentucky.”   

The awards were funded through the Cabinet for Economic Development’s High-Tech Investment Pool, which is designed to build and promote technology-based and research-intensive companies and projects. The Kentucky statewide network of six Innovation and Commercialization Centers (ICCs) and seven Innovation Centers (ICs) provides locally accessible, business-building consulting and related services to Kentucky’s entrepreneurs and scientists.