FRANKFORT, Ky. ' The Kentucky Economic Development Finance Authority (KEDFA) awarded two high-tech Kentucky companies, Louisville Bioscience, Inc., and Laboratory and BioDiagnostics, LLC, (LabDx), state funding. The companies are anticipated to create a combined 36 new high-tech jobs at an average annual salary of over $64,000.
Laboratory and BioDiagnostics (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. LabDx of Lexington is receiving 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. Website under construction www.labdx.biz LabDx President is Robert Mudd
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.
Louisville Bioscience has received 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. For more information, visit www.louisvillebioscience.com.
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) provide locally accessible, business-building consulting and related services to Kentucky's entrepreneurs and scientists.
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