Cincinnati startup to double work force ahead of new HQ search, future IPO
Enable Injection’s wearable drug delivery system could see it become a billion-dollar company.
EVENDALE, Ohio (WXIX) - One of Cincinnati’s most successful and innovative startups will add hundreds more jobs and invest millions more in the region.
Founded in 2010 on tech developed at Cincinnati Children’s Hospital, Enable Injections develops and manufactures a wearable drug delivery system to replace IV therapy with something patients can use at home.
It has raised more than $300 million in venture capital funding.
The Ohio Tax Credit Authority earlier this week approved a 10-year Job Creation Tax Credit for Enable worth around $3 million. The company is expected to create 257 jobs generating $19.8 million in new annual payroll while retaining more than $20 million in existing payroll by 2027.
Based in Evendale, Enable also has locations in West Chester and Franklin. The company is planning to consolidate its three Greater Cincinnati locations into one research and manufacturing facility with as many as 1,000 employees, according to a Business Courier report.
The same report notes Enable is working towards an IPO.
“If this isn’t a $5 billion-plus company in the next five years, then I’m doing something wrong,” Enable President and CEO Mike Hooven told the Journal-News.
FDA approval is pending to distribute Enable’s technology through pharmacies nationwide.
Hooven says the tech has the potential to impact patients worldwide.
“We are relentless in our pursuit of transformative and impactful drug delivery technology, and in our commitment to expand our presence in the region,” Hooven said.
“Cincinnati is a great place to do business,” offered Enable CFO Tim Flaherty. “The cost of living and doing business in Ohio are advantageous, especially compared with other parts of the country. The support businesses receive from the Ohio economic development organizations and their incentive programs continue to help Enable Injections develop and thrive with talented staff.”
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