BUNKER HILL - MIAMI Co., Ind. -- Bunker Hill, a town of about 900 people near the Grissom Air Reserve Base in Miami County, has landed a multi-million-dollar life sciences company, which could create up to 40 high paying jobs by the end of 2022.

Phoenix-based Arizona Isotopes Research Corp. has announced plans to establish research and production operations in north central Indiana.

The Indiana Economic Development Corp says the company intends to invest $44.5 million to transform a 55,000-square-foot shell building for the operation.

The company produces radionuclide, a radioactive chemical used for cardiovascular infusions, heart or circulatory imaging, and prostate cancer treatments. AZI says the process kills diseased cells.

“AZI's mission is to deliver high-level diagnostic imaging and therapeutic treatment isotopes which are accomplished by producing a broad range of isotopes that are either currently in short supply or have been historically vulnerable to the development of critical shortages," said AZI President Greg Brooksby.

Brooksby says the company will expand the existing building by 30,000 square feet to create space for a 280,000-pound 70MeV cyclotron machine that produces medical isotopes.

"We are excited to locate and build the AZI Medical Isotope Campus in Bunker Hill," said Brooksby. "The city, county and state have been extremely helpful and supportive in our efforts allowing us to rapidly move forward to executing our vision.”

The Indiana Economic Development Corp. says construction is underway and expected to be completed by September 2020. AZI plans to begin hiring for various positions mid-2020.

"AZI is a welcome fit here in Indiana, as our state has a thriving life sciences industry," said Indiana Secretary of Commerce Jim Schellinger. "Along with advancing life-changing products and research, AZI provides high-paid, quality career opportunities for Hoosiers.”

Alan Hunt, chairman of Miami County Board of Commissioners, says the location of Bunker Hill near the Grissom Air Reserve Base is a benefit to the company.

"AZI’s potential use of Grissom’s 12,500-foot runway, the longest in the state, for shipment of their product globally, strengthens both our regional and state access to medical and other markets worldwide.”

IEDC says it offered Arizona Isotopes Research Corp. up to $1 million in conditional tax credits.