HomeMy WebLinkAboutAgere Pharm - EDCO Applic BRIEFING PAPER FOR AGERE PHARMACEUTICALS Request for Bend Opportunity Fund September 30, 2010 Number of Employees: 4 Company Request: $14,000 EDCO Recommendation: $14,000 Proposed Job Creation by end of 2012: 7 new employees Average Pay for New Employees (all positions, excluding commissions): $61,543 Capital Investment: $1,077,500 Industry: Bioscience Website: www.agerepharma.com Company Background: Agere is a Contract Research Organization (CRO) providing services to the pharmaceutical industry. It is the recognized scientific leader providing solutions to pharmaceutical companies developing poorly water soluble drugs. Agere’s current capabilities include preclinical manufacture and testing capability. Marshall Crew, President, is a former Bend Research scientist as are several of Agere’s employees. Agere is a member of the newly formed Central Oregon Bioscience Consortium, actively participating on the board of directors and in the consortium’s first year of training. The company is currently in the process of moving from a 3,000 sq ft facility to a 10,000 sq. ft. facility located in the Bend Enterprise Zone. The new building will provide much needed additional office space to support up to 25 employees, manufacturing and testing space for expanded service products. The most important new capability afforded by this facility will be the ability to manufacture clinical trial materials for current and future customers. This new market is critical to Agere’s future financial growth. Agere will be hiring seven employees (chemist, engineer, business development, quality director, operator and two technicians) with an average wage of $61,543 - far above the county average of $35,090. Agere plans to invest more than $1 million in equipment and building improvements. The company is working with the state on financing options, has applied for the enterprise zone and will be applying to the Bend Opportunity Fund for a similar amount as this application. Funding from the Deschutes County Forgivable Loan will be used to offset the costs of moving and improvements to the current building that are necessary to conduct business. EDCO Recommendation EDCO is recommending to City of Bend an award of $2,000 per job for this request for a total forgivable loan of $14,000.