Hera BioLabs building $1.8 Million Lexington headquarters, creating 23 jobs
LEXINGTON, Ky. — Hera BioLabs announced recently that it was moving its headquarters from the University of Kentucky campus to new facilities in Lexington, Ky. The company, which currently employs seven people, plans to invest $1.8 million in a new facility and create 23 new jobs.
Hera BioLabs is a contract research organization (CRO) that was spun out of Transposagen Biopharmaceuticals in 2015. Transposagen is a private biotech company that provides off-the-shelf and custom genetically modified rat models to over 50 companies and laboratories worldwide, with a particular expertise in genetically modified rat models. Hera BioLabs indicates it delivers gene editing tools and services to more than 300 independent clients, as well as all of the top 15 pharmaceutical companies.
Part of the new plan and location is to rebuild an existing structure to become laboratory space to produce specialized laboratory rat models. According to Jack Crawford, Hera’s chief executive officer, the rat models will make pharmaceutical testing faster, safer and more cost-effective.
“We aim to develop a safer, healthier world through the advancement of toxicology testing,” Crawford said in a statement. “Kentucky is an ideal location for a CRO like Hera to start and grow as it offers a competitive edge in manufacturing and an excellent place to recruit and attract the type of talent we are looking for.”
As part of the transition, the Kentucky Economic Development Finance Authority gave preliminary approval to Hera for up to $300,000 in tax incentives through the Kentucky Business Investment program. This incentive is performance-based, and lets Hera keep a percentage of its investment through corporate income tax credits and wage assessments.
Photo courtesy of Hera BioLabs