Date: Feb 25, 2010 Source: (
click here to go to the source)
FRANKFORT, Ky. (Feb. 25, 2010) --
Gov. Steve Beshear today announced the award of $120,000 from the
Cabinet for Economic Development's High-Tech Investment Pool to Lexington-based ParaTechs
Corporation. The biotechnology company, which is a client of the Lexington Innovation and
Commercialization Center, creates products used for protein production for use in vaccines and
therapeutics. ParaTechs anticipates creating seven new high-tech jobs paying an average annual salary
of
at least $55,000.
ParaTechs has an exclusive license to market a patented special line of insect cells developed at the
University of Kentucky that employs the baculovirus expression vector system used to manufacture
proteins for use in vaccines and therapeutics to prevent or treat a wide range of diseases. The techno
logy
improves protein production and helps lower drug manufacturing costs.
"Today's award is a great example of how Kentucky's research universities are producing valuable
technologies that are unique i n the marketplace and help create jobs for Kentuckians," said Gov. Besh
ear.
"The scientists that founded ParaTechs are not only making contributions to medical research, they are
helping grow a twenty-first century economy in our state."
The company also markets, NSETTM, a non-surgical embryo transfer device for researchers who use
laboratory rodents in a wide range of medical research, including cancer, Alzheimer's and diabetes stu
dies.
This device reduces costs for mouse embryo transfer procedures and eliminates the need for animal
anesthesia and recovery normally required for conventional surgical procedures.
www.paratechs.com
.
The award, which was approved by the Kentucky Economic Development Finance Authority, was funded
through the Cabinet for Economic Development's High-Tech Investment Pool, which is used to build
technology-based and research-intensive companies and projects. Kentucky's statewide network of six
Innovation and Commercialization Centers and seven Innovation Centers provides locally accessible,
business-building consulting and related services to Kentucky entrepreneurs and scientists.
More information about Kentucky's economic development efforts and programs is available at
www.ThinkKentucky.com
.
The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for
creating new jobs and new investment in the state. New business investment in Kentucky in 2008 totaled
nearly $1.7 billion with the creation of more than 7,750 new jobs. Information on available developmen
t
sites, workforce training, incentive programs, community profiles, small business development and othe
r
resources is available at
www.ThinkKentucky.com
