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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based BioStorage Technologies Inc. announced today that it plans to create 125 jobs by 2012 and invest more than $6.1 million to expand operations.
BioStorage Technologies provides long-term cold storage for advanced biomaterials used in drug development. The company, co-founded in 2002 by CEO F. John Mills, currently has 80 employees.
The investment will be used to renovate a 40,000-square-foot cold storage facility near Indianapolis International Airport, and adjacent to the company’s existing 20,000-square-foot building.
Mills said BioStorage Technologies will begin hiring additional operations, sales and supervisory staff immediately.
“Indiana has a vibrant and diverse biotech and life science community and outstanding logistical support,” Mills said in a written statement. “Furthermore, the state’s business, academic and government support is unrivaled, making the decision to expand our operations here obvious.”
The Indiana Economic Development Corp. offered the company up to $1.1 million in performance-based tax credits and up to $93,500 in training grants based on its job-creation plans.
City economic development officials will support property-tax abatement for BioStorage Technologies before the Metropolitan Development Commission.
The company is a prime example of a firm the city aims to attract through its life sciences initiative.
Last year, local high-tech initiative TechPoint presented it with a Mira Award for Innovations in Health and Life Sciences. In 2007, the company announced that it had raised $8.3 million in venture capital funding.
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