Governor Beshear announces funding to Lexington, Kentucky, biotech company
February 26th, 2010 - 12:44 pm ICT by BNO NewsFRANKFORT, KENTUCKY (BNO NEWS) – On Thursday, the Cabinet for Economic Development’s High-Tech Investment Pool awarded a fund of $120,000 to ParaTechs Corporation of Lexington, Kentucky, Governor Steve Breshear announced.
ParaTechs Corporation is a biotechnology company that creates products used for protein production for use in vaccines and therapeutics. With this funding, the Lexington-based company expects to create seven high-tech jobs.
ParaTechs has an exclusive license to market a patented special line of insect cells developed at the University of Kentucky. It 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 technology improves protein production and helps lower drug manufacturing costs.
“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,” said Governor Beshear.
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