updated: 1/30/2013 10:47:55 AM
Indianapolis-based Pearl Pathways LLC plans to increase its work force by more than three dozen. The life sciences consulting company intends to invest $355,000 to lease and equip a new facility, which it expects to move into in March. The company was founded in 2010 by two former Eli Lilly and Co. (NYSE: LLY) employees.
January 29, 2013
INDIANAPOLIS, Ind. - Pearl IRB, LLC d/b/a Pearl Pathways, a life sciences product development and regulatory consultant company, announced plans today to expand its operations here, creating up to 38 new jobs by 2016.
"Founded by Hoosier researchers and growing impressively, Pearl Pathways is a prime example of a dynamic life sciences company that will help advance our economy, while raising the average income for hard-working Hoosiers," said Eric Doden, president of the Indiana Economic Development Corporation. "Indiana continues to be recognized around the globe as a place where starting and growing a life sciences business just makes sense."
The homegrown-Hoosier company, which provides clinical, regulatory and quality compliance services for the life sciences industry, will invest $355,000 to lease and equip a 2,000 square-foot facility located at 29 E. McCarthy St. in downtown Indianapolis. Pearl Pathways, which plans to move into the new facility in March, is currently hiring additional regulatory affairs, quality compliance and clinical trial specialists.
"We are proud to be one of the expanding companies that positions Indiana near the top in the life sciences industry," said Diana Caldwell, president and chief executive officer of Pearl Pathways. "Our growth is fueled by our passion to help our clients expedite the development of life saving diagnostics and therapeutics. While we serve clients coast to coast and globally, the strong client base we have developed in Indiana and favorable business environment make this an ideal place to expand."
Founded in 2010 by former Eli Lilly employees Diana Caldwell and Gretchen Miller Bowker, Pearl Pathways is a life science services company that provides research and product development services for drug, biologic and medical device companies through its three business units: Pearl IRB, Pearl ReGXP and Pearl IDEAS. The company is a certified women-owned business by the Women's Business Enterprise National Council.
The Indiana Economic Development Corporation offered Pearl IRB, LLC up to $750,000 in conditional tax credits and up to $75,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis supports this project at the request of Develop Indy.
"Pearl Pathways' investment in Indianapolis strengthens our role as a leader in life sciences technology," said Indianapolis Mayor Greg Ballard. "I congratulate Pearl Pathways and wish the company much continued success. We look forward to continuing our commitment to cultivating a community of growth in which businesses can thrive."
The Hoosier State's life sciences industry includes the corporate headquarters of such giants as Eli Lilly, Biomet, Cook Group and Dow AgroSciences. The total economic impact of the industry in Indiana is estimated at $50 billion a year by BioCrossroads in a report released earlier this month. More than 1,600 life sciences companies that employ 55,000 Hoosiers call Indiana home.
About Pearl Pathways
Pearl Pathways is a comprehensive life science product development services company. Our experienced team is obsessed with expediting life science product development regulatory pathways. We have three business units to serve biopharma and medical device clients: Pearl IRB, Pearl ReGXP and Pearl IDEAS.
Pearl Pathways is located in Indianapolis, Ind. and is a WBENC certified woman owned business. To learn more, please visit www.pearlpathways.com, call 317.899.9341 or email firstname.lastname@example.org.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: The Indiana Economic Development Corporation