Pinpoint Pharma, a startup specializing in custom compounded medication for pets, plans to scale-up its operations in West Lafayette, Indiana. The project will support the commercialization of its medicine-printing technology.
The company, which developed and patented its high-precision, state-of-the-art medicine printing system while its founders were researchers at Purdue University, will invest nearly $240,000 to lease, renovate and equip more than 2,100 square feet of lab space at 1201 Cumberland Ave. in West Lafayette.
Pinpoint Pharma, which recently received its license from the Indiana Pharmacy Board, started fulfilling prescription orders for its customized pet medication this month.
"With a strong ecosystem of life sciences companies and highly-skilled workforce, Indiana is the perfect place for Pinpoint Pharma to grow and scale the compounding of our customized pet pharmaceuticals," said Dr. Arun Giridhar, co-Founder and chief executive officer of Pinpoint Pharma. "After participating in the Purdue Foundry and gBETA program, we were able to sharpen our focus and build consumer awareness of the growing need for personalized medication. We appreciate the strong relationship forged with the state, Purdue University and our local partners and look forward to our continued growth right here in West Lafayette."
The IEDC offered Pinpoint Pharma up to $243,000 in conditional tax credits based on the company’s job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Tippecanoe County and Greater Lafayette Commerce will provide training grants in support of the project.
In 2017, Pinpoint Pharma received a $225,000 Phase 1 research grant from the National Science Foundation as part of the Small Business Innovation Research program, and worked with the Indiana PTAC and Elevate Ventures to secure a $50,000 SBIR matching grant in 2018.
Indiana PTAC, which is committed to helping Indiana small businesses compete for and win government contracts, offered counseling and application assistance to Pinpoint Pharma, while Elevate Ventures, Indiana’s venture development partner, distributed the matching funds from the state.
The company was also awarded Gold and Black Awards totaling $100,000 in investment from the Elevate Purdue Foundry Fund, a partnership between the Purdue-based startup accelerator Purdue Foundry and Elevate Ventures.
"With the help of Indiana’s thriving entrepreneurial ecosystem and world-class universities, companies like Pinpoint Pharma are primed for growth and positioned to propel new technologies that change the way the world works," said Elaine Bedel, President of the Indiana Economic Development Corporation. "As a graduate of the gBETA accelerator program, we're excited to see Pinpoint Pharma leverage Indiana’s startup community to build consumer awareness and scale its innovative pharmaceutical technology, and in turn, strengthen Indiana's life sciences industry."