COLUMBUS, Ohio — Cleveland-based AIM Pharmakon and Cincinnati’s AssureRx this week both received economic development incentives from the state of Ohio.
AssureRx, which is developing a genetic test for psychiatric medicines, will receive a $1.2 million low-interest loan from the state to help with $1.6 million in costs for new computer and laboratory equipment, intellectual property acquisition and protection, as well as other expenses, according to a press release from the state’s Department of Development.
The loan will have a 1 percent interest rate in its first year and a 6 percent rate for the final six years. The project is expected to create 30 jobs and help retain seven others.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
AssureRx is also expected to close a Series A round of private financing by year’s end.
AIM, meanwhile, received a seven-year job-creation tax credit worth about $205,589, according to the state’s Department of Development. The company, which provides marketing and consulting services for the pharmaceutical industry, is embarking on a $1 million project in its new facility in Cleveland and is expected to create 40 jobs. The company will be required to remain at the location for 14 years.
