Hera BioLabs, a biotech startup that provides genetically specialized products and services for scientists and pharmaceutical researchers, will establish its headquarters in Lexington this summer, with an investment estimated at $1.8 million.
The company, which was established in 2015 as a spinoff of Lexington-based Transposagen Biopharmaceuticals Inc, plans to outfit an existing building to produce specialized laboratory rat models that will enable faster, safer and more cost effective pharmaceutical testing. Scientists will be able to use the rats to more accurately test drugs and other therapies before engaging in longer and more expensive human clinical trials, thus reducing the high failure rate of those trials, according to Hera CEO Jack Crawford.
Hera will move its current seven employees from the University of Kentucky to its new facility this summer, and the company is expected to create 23 new jobs at its new headquarters.
“We aim to develop a safer, healthier world through the advancement of toxicology testing,” Crawford said in a release. “Kentucky is an ideal location for a CRO like Hera to start and grow as it offers a competitive edge in manufacturing and an excellent place to recruit and attract the type of talent we are looking for.”
Hera will also provide laboratory services and animal husbandry services to external researchers, as well as various specialized cell lines and lab rats for toxicology testing.
The Kentucky Economic Development Finance Authority granted preliminary approval to the company for tax incentives of up to $300,000 through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Hera is also eligible to receive resources from the Kentucky Skills Network, which offers companies no-cost recruitment and job placement services,reduced-cost customized training and job training incentives.
For more information on Hera BioLabs, check the company’s website at www.herabiolabs.com.