IN: New Life Sciences Company to Establish Headquarters in Indiana
23 May, 2011
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BioCritica, a newly formed biotechnology company, will establish its headquarters in Central Indiana, creating up to 70 new jobs by 2015.
Recently founded by Eli Lilly and Company and a private investor group, BioCritica will develop, market and commercialize products for the critical care hospital market. The company expects to invest more than $5 million in equipment in a to-be-determined site in Central Indiana.
"Indiana's consistently strong growth in the life sciences sector is evidence that not only do we have the talent to power some of the world's top biotechnology companies, but we also have an environment welcoming to the kind of noticeable impact companies like BioCritica and others will have on our state's economy and the quality of life of citizens everywhere," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
The company will license Lilly's FDA-approved drug for the treatment of severe sepsis, adding other products to its portfolio over time. Sepsis is a poisoning of the blood that affects hundreds of thousands of patients each year, many resulting in death.
"For severe sepsis patients, Xigris is an important life-saving drug," said David Broecker, chief executive officer of BioCritica. "Each year more than 200,000 people die from severe sepsis in the U.S. We look forward to building a company dedicated to saving lives. We also appreciate the support of Lilly, the IEDC and BioCrossroads in helping us get established here in Indiana."
The company plans to begin hiring administrative, commercial and regulatory staff over the summer once it finalizes a site for its new headquarters.
"We are pleased to announce the formation of a new life sciences company in Central Indiana, BioCritica. The collaboration between Lilly and BioCritica will benefit both companies, as well as the patients we serve and the Indianapolis community in which we operate," said John C. Lechleiter, Ph.D., Lilly president, chairman and chief executive officer.
The Indiana Economic Development Corporation offered BioCritica up to $2.9 million in performance-based tax credits and up to $175,000 in training grants based on the company's job creation plans.
BioCritica's establishment in Indiana comes on the heels of a recent announcement from diagnostics product company, HYCOR Biomedical of plans to relocate its headquarters from Garden Grove, Calif., to Central Indiana, adding up to 20 jobs by 2013.
BioCritica is a biotechnology company focused on meeting the critical care needs of patients and clinicians in the hospital market. In addition to Xigris for the treatment of severe sepsis, BioCritica is developing a pipeline of other products. Our mission is to develop and commercialize products that make a dramatic improvement in people's lives. www.biocritica.com
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.