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Frankfort, KY. (June 26, 2009)
The Kentucky Economic Development Finance Authority (KEDFA) has
recently awarded two high-tech Kentucky companies funding from the
Cabinet for Economic Development’s High-Tech Investment Pool. Emerald
Laboratories of Franklin and PHD Diagnostics of Covington were
approved for up to $500,000 and $200,000 respectively, and are
anticipated to create a combined 35 new high-tech jobs at an average
annual salary of over $50,000.
Emerald Laboratories is a new subsidiary of Blu Pharmaceuticals,
located in Franklin, which since 2006 has manufactured, marketed and
distributed generic pharmaceuticals to major wholesalers, group
purchasing organizations, mail order pharmacies and government
agencies.
 Emerald will provide pharmaceutical research and development
for Blu and for other drug companies requiring research and
development services.
“The recent awards by KEDFA to these two companies are good examples
of how Kentucky is helping our existing businesses grow and expand,
and at the same time attracting companies from other states,” said
Larry Hayes, interim secretary of the Cabinet for Economic
Development. “This shows that not only are our economic development
programs helping retain high-paying jobs here at home for Kentuckians,
but that these programs also enable us to compete successfully with
other states for high-tech firms.”
Emerald Laboratories of Franklin will receive up to $500,000 to outfit
two research and development laboratories – one for formula/process
development and one for analytical research and development – totaling
approximately 7,000 sq. ft. within the existing Blu Pharmaceuticals
facility. The new company will develop pharmaceutical products and
handle filings with the U.S. Food and Drug Administration for both
name brand and generic products. Emerald will offer its services for a
fee to both Blu, its parent company, and to other pharmaceutical
companies.
The funding will be used to purchase high-tech laboratory equipment
for both new lab spaces. Emerald Laboratories was also approved by
KEDFA for up to $133,000 in benefits under the Kentucky Enterprise
Initiative Act, which allows approved companies to recoup Kentucky
sales and use tax on the cost of construction materials, building
fixtures and equipment used for research and development.
A client of the Bowling Green Innovation and Commercialization Center,
parent company Blu Pharmaceuticals began operations in the ICC’s
business accelerator, but soon outgrew that location and moved to its
current facility in Franklin. Emerald anticipates it will create a
minimum of 25 full-time, high-tech and technical support jobs for
Kentucky residents by June 30, 2011, paying an average annual salary
of approximately $53,000, exclusive of benefits.
"We are extremely excited about this project," said Dennis Griffin,
Executive Director of the Franklin-Simpson Industrial Authority.
"These high-tech jobs will provide some great career opportunities for
our people in Franklin and Simpson County."
The awards were funded through the Cabinet’s High-Tech Investment
Pool, which is used to build and promote technology-based and
research-intensive companies and projects. The Kentucky statewide
network of six Innovation and Commercialization Centers and seven
Innovation Centers provides locally accessible, business-building
consulting and related services to Kentucky’s entrepreneurs and
scientists.
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