AssureRx Health, Inc. and the City of Mason have announced an agreement to locate its new company headquarters and dry laboratory at the Mason Community Center.
The move will accommodate the company's employee growth and increasing demand for its pharmacogenetic test, GeneSightRx®. The new 10,000 square-foot office space can accommodate more than 100 employees.
Mason City Council took an innovative approach to business recruitment, leveraging its recent Community Center expansion to align with AssureRx's vision around health and wellness.
"This economic environment requires some new economic development tools to attract and retain businesses," said Mason Vice Mayor David Nichols, who also chairs the Economic Development Committee of Mason City Council. "Mason Community Center coupled with a leadership team that understands the dynamic needs of high-tech, entrepreneurial companies has propelled Mason to a new class for business attraction and retention."
"Ohio-developed technology, Innovation Ohio economic development loans and Ohio investment capital have all contributed to building our company, increasing nationwide demand for our lead product, GeneSightRx®, and creating jobs here in the City of Mason," said James S. Burns, president and CEO of AssureRx Health. "We are looking forward to becoming an integral part of Mason's wellness community."
In addition, while working out location details, the City will finalize a local and state incentive package to secure the AssureRx's aggressive job creation forecast.
"The new facility will accommodate our existing employees as well as our anticipated staffing increases over the next 3 to 5 years," said Don Wright, executive vice president and COO of AssureRx Health. "Our new laboratory will meet the increasing demand for our pharmacogenetic test, GeneSightRx®, and the anticipated market introduction of multiple new products through 2013."
The state of Ohio provided a $1.2 million IOLF loan to AssureRx Health for product development, with the requirement to create an estimated 30 jobs in the state during the 3-year period following the first quarter of 2011. Coupled with financing from Ohio investors, including CincyTech and Allos Ventures, AssureRx Health surpassed 30 employees two years ahead of schedule. AssureRx expects to grow to more than 100 employees by 2014. AssureRx intends to move into its new space by the end of 2011.