Kentucky Governor Steve Beshear has announced that Ethos Laboratories will locate a pain management laboratory in Newport, with plans to create 45 jobs in the life sciences sector and invest more than $2.6 million in the project.
"We're proud to welcome Ethos Laboratories and its highly skilled lab technicians and managers to northern Kentucky," said Gov. Beshear. "This investment in Newport and the Commonwealth is another highlight in Kentucky's growing life science sector."
Ethos officials held a media tour of their new space on Thursday, a 30,000-square-foot facility at 30 East Sixth St. in Newport. The building was formerly owned by Trauth Dairy.
Ethos Laboratories is a premier provider of laboratory services nationwide, specializing in the pain management market and also offering blood/serum and urinalysis testing, as well as general chemistry testing. The company also dedicates substantial resources to its research and development efforts with diagnostic testing options for pain patients.
"Our toxicology expertise is utilized by medical providers across the country," said Tim Adams, Ethos Laboratories CFO. "We will enhance our services for our customers with a new state-of-the-art facility in the heart of Newport. We appreciate the level of service and coordination that have been provided to us from Newport Mayor Jerry Peluso up to Gov. Beshear's office."
Ethos Laboratories joins an impressive group of life sciences companies in northern Kentucky, including Wood Hudson Cancer Research in Newport, Bexion Pharmaceuticals in Covington, PPD in Campbell County and ViaCord in Boone County.
To encourage the investment and job growth in northern Kentucky, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $500,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved the company for tax benefits up to $30,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.