Ethos Laboratories, which provides laboratory testing services for the healthcare industry, will expand its presence in Newport, Kentucky. The $2.2 million project is expected to create Campbell County.
The investment in the 30,000-square-foot laboratory will support instrument expansions and upgrades to allow Ethos to produce more sensitive, accurate and specific data for pain management providers. The company plans to implement the upgrades in equipment and technology beginning this month.
“We are very thankful for the continued support we’ve received since moving our operations to Newport, Kentucky, both at the local and state levels,” said Brian Kincaid, CEO of Ethos Laboratories. “This incentive by the state is another example of their pro-business approach to spur innovation in the life sciences.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) approved the company for up to $100,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. In addition, Ethos can receive resources from Kentucky’s workforce service providers.
“I want to thank the leaders at Ethos Labs for this investment in their Northern Kentucky headquarters,” Governor Andy Beshear said. “I also want to thank them for their great work during the pandemic to produce testing options when they were needed most. Ethos is doing great things in our state, and the company’s continued growth is greatly appreciated.”
In response to the pandemic, the company pivoted in 2020 to provide COVID-19 PCR testing for schools and higher education institutions, long-term care facilities and first responders, among others.
“The Tri-ED team is focused on serving and expanding the life sciences cluster, which encompasses biomedical research, in Northern Kentucky,” said Northern Kentucky Tri-ED CEO Lee Crume. “Ethos is an excellent example of the type of company we’d like to attract to the Cincinnati region. Kentucky offers the strongest SBIR-STTR match to growing life sciences companies who move to the commonwealth.”
Founded in 2010, Ethos has been headquartered in Newport since 2013, with nationwide sales and field teams. The company’s laboratory service offerings contribute to a comprehensive set of diagnostic tools used by pain management providers and general practitioners.