Tides Medical Upgrades Lafayette, Louisiana, Headquarters-Manufacturing Center
03/01/2023
The expansion will allow the company to increase production of its amniotic skin substitutes, according to company officials. Upgrades are planned for completion by the end of the year.
“We believe that Louisiana biotech companies like Tides Medical play an important role in saving limbs and lives through the development and manufacturing of advanced treatments like our Artacent products for chronic wounds,” Tides Medical CEO Joe Spell said. “As our population ages, we must invest in solutions that will prevent negative outcomes for patients with chronic wounds, including millions that receive no advanced wound care treatment today. We can do that here in Louisiana by creating quality jobs, and funding innovative research and development.”
The state of Louisiana offered Tides Medical a an incentives package that includes a $200,000 performance-based grant for reimbursement of equipment expenditures, contingent upon the meeting of employment and payroll targets. The company is also expected to participate in the state’s Industrial Tax Exemption and Quality Jobs programs.
“Louisiana is proud to have Tides Medical as a part of the state’s vibrant and expanding life science sector,” noted Governor John Bel Edwards. “My administration is committed to growing and diversifying our economy through industries like biotechnology, and this is another milestone in our work. This expansion will allow Tides Medical to expand its mission to provide safe, effective treatments that improve health outcomes around the country while also creating good-paying jobs in Acadiana.”
Tides Medical is a biotechnology company that sources and acquires donated placentas to manufacture, distribute and provide amniotic tissue products that will lessen the societal impact of chronic wounds. The company also works closely with physicians and their staff to help them navigate the complex reimbursement process, ensuring that patients have access to the full range of treatment options they deserve.
“We are thrilled to share the news of Tides Medical’s manufacturing facility and headquarters expansion,” added Lafayette Economic Development Authority President and CEO Mandi D. Mitchell. “Since establishing in Lafayette in 2009, Tides has been an innovator in the biotechnology field serving clients across the U.S. I applaud CEO Joe Spell for choosing to grow this company right here at home, and I look forward to seeing Tides Medical continue its growth in Lafayette with 40 new direct jobs in the high-wage, high-demand medical and manufacturing fields.”
Project Announcements
Global Resources International Plans Columbia, Alabama, Operations
03/21/2023
HistoWiz Establishes Queens, New York, Central Laboratory
03/21/2023
Big Fish Games Establishes New Orleans, Louisiana, Talent Hub
03/21/2023
Sonoco Protective Solutions Expands Owosso, Michigan, Operations
03/21/2023
ABB Robotics Expands Auburn Hills, Michigan, Production Campus
03/21/2023
Volkswagen Group Plans St. Thomas, Ontario, Canada, North American Gigafactory
03/20/2023
Most Read
-
2022 Top States for Doing Business Provide an Environment for Business Growth
Q3 2022
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023
-
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Q1 2022
-
The Top Investment Location Prospects for Aerospace Manufacturing
Q1 2023
-
Strategies to Overcome Intensifying Industrial Real Estate Challenges
Q1 2023
-
How Are Economic Developers Partnering to Solve Workforce Challenges?
Q1 2023
-
What in the World? FDI Trends to Watch in 2023
Q1 2023