Don Brown Biotech Startup to Invest $16M
(photo courtesy Indiana University)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA biotech startup in Indianapolis is looking to establish its headquarters near the IUPUI campus. According to documents filed with the city, LifeOmic Inc. plans to invest $16 million to set up shop at the IU Emerging Technology Center and hire 225 employees by 2023.
LifeOmic provides a cloud-based service that allows medical professionals to compile comprehensive medical records for specific patients in one location. The company was founded by Indianapolis entrepreneur Don Brown and also has an office in North Carolina.
The Indiana Economic Development Corp. is offering the company up to $7.6 million in conditional tax credits and up to $600,000 in training grants. Additionally, the Indianapolis Metropolitan Development Commission will Wednesday consider a 10-year tax abatement that will provide the company nearly $766,000 in savings.
In a filing with the MDC, Life Omic says the 225 new jobs would have an average wage of $75 per hour. The project would also retain seven jobs at an average wage of $65 per hour.
In September, LifeOmic announced a partnership with Indiana University and the Regenstrief Institute in Indianapolis that would give the company access to IU faculty for its work in precision medicine and data analytics. It would also give LifeOmic a blanket license for a wide variety of intellectual property owned by IU and Regenstrief.