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Gov. Steve Beshear today announced two job-creation projects, Hitcents.com Inc., in Bowling Green, and Pharmacogenetics Diagnostic Laboratory LLC (PGXL), in Louisville. Combined, the projects will create 29 new high-tech and technical support jobs paying an average annual salary of over $53,000, exclusive of benefits.
Hitcents, which originally produced website advertising, has expanded into hardware and software development, and in August 2007 was named to the Inc. 500 list of fastest growing companies in America. PGXL is a leader in pharmacogenetic testing, which is important in helping decrease adverse drug reactions in patients while increasing the effectiveness of prescribed drugs.
“Hitcents and PGXL are excellent examples of how our universities across the state are involved in helping create and support high-tech companies and jobs,” said Gov. Beshear. “By facilitating local and regional entrepreneurial activities and helping commercialize new technologies developed through research, Kentucky universities serve as powerful economic engines that help drive our state forward.”
A client of the Central Region Innovation and Commercialization Center in Bowling Green, Hitcents.com was given preliminary approval by the Kentucky Economic Development Finance Authority (KEDFA) for up to $150,000 to assist in purchasing IT infrastructure equipment, such as servers and data storage components. The company, which currently employs 33 people, was founded in 1999 to create website advertising for other Internet companies and is located in the Western Kentucky University Center for Research and Development. Hitcents has expanded into software development and other IT-related projects, partnering with Pan-Oston in 2006 to develop a self-service store checkout device. The company also developed the Omniprise ERP solution that helps companies reduce waste and increase productivity. www.hitcents.com.
“It has been a pleasure to work in the state of Kentucky over the last 11 years,” said Hitcents CFO Ed Mills. “The competitive salary in Kentucky, coupled with the support of Western Kentucky University’s Center for R&D, allows us to develop state-of-the-art technology at a fraction of the average price nationwide.”
PGXL is a client of the Louisville Innovation and Commercialization Center, and was given preliminary approval by KEDFA for up to $200,000 to assist in purchasing laboratory equipment. The five-year-old company, which currently employs seven people, operates a U.S. Department of Health and Human Services certified lab where researchers work to identify genetic markers relevant to the treatment of diseases and disorders. Physicians can use the markers to determine how patients will react to medications, thus decreasing adverse drug reactions in patients and increasing the effectiveness of prescribed drugs. PGXL also has a proprietary software system in clinical trials that will help physicians incorporate genetic information into their medical practice. Both company founders are on the faculty at the University of Louisville School of Medicine. www.pgxlab.com.
“Our research at the University showed the effect genetic information can have on medical treatment,” says Dr. Roland Valdes Jr., president of PGXL. “A combination of public and private investment enabled us to start PGXL, putting theory into practice. Now Kentucky is home to one of the leaders in a field that promises to revolutionize medical treatment. We believe PGXL will create high-paying, highly skilled jobs in the Commonwealth for decades to come.”
The two economic development projects were funded by the Cabinet for Economic Development’s High-Tech Investment Pool. The pool is used to support technology-based and research-intensive companies and projects in the Commonwealth. Kentucky’s statewide network of six Innovation and Commercialization Centers (ICCs), including the Bowling Green and Louisville ICCs, and seven Innovation Centers (ICs), provides locally accessible, business-building consulting and related services to the state’s high-tech entrepreneurs and inventors.
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 2009 totaled nearly $977 million with the creation of more than 6,600 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.
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