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Area Development - Site Selection, Facility Planning and Workforce Development

CTI Clinical Trial and Consulting Services Relocates Headquarters To Covington, Kentucky

08/20/2016
CTI Clinical Trial and Consulting Services, a global, privately held company providing therapeutic expertise to the pharmaceutical and biotechnology industries, will relocate its headquarters to Covington, Kentucky. The company will invest $36.4 million and is projected to create up to 500 jobs.

CTI plans to move its headquarters from the Cincinnati suburb of Blue Ash, Ohio, closer to the region’s urban center. It will lease about 125,000 square feet in the RiverCenter building. The relocation will help the company consolidate its locations and facilitate future growth.

“We’re thrilled for CTI to be starting a new chapter at RiverCenter,” said Timothy Schroeder, CEO of CTI. “We feel that this location will be a state-of-the-art headquarters for our staff, enabling collaboration and innovation. This site allows us to retain and grow the most talented team in the industry who are helping to develop some of the most innovative life-changing therapies.”

Founded in 1999 by Schroeder and Lynn Fallon, CTI is a global leader in clinical research, working with pharmaceutical and biotechnology companies to plan, manage and analyze clinical trials, a critical step in bringing new drugs, therapies and medical devices to market. The company is therapeutically focused on critically ill patient populations, chronic diseases and unmet medical needs including the areas of regenerative medicine, cell and gene therapy, rare disease, immunology, transplantation and oncology.

“We are grateful for the decision by CTI to move its headquarters to Northern Kentucky and bring with them hundreds of highly skilled jobs,” Governor Matt Bevin said. “Our administration and local officials are committed to providing the space and resources needed for CTI to continue its growth in the years ahead. CTI is a recognized leader in the life sciences industry and we are delighted to welcome them to Kentucky.”

During a special meeting, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved CTI for tax incentives up to $14 million based on its investment of $36.4 million and hiring up to 500 Kentucky residents. The jobs would be added over the agreement’s 10-year span at an average of $40 per hour including benefits.

The incentive agreement is through the Kentucky Business Investment (KBI) program, a performance-based incentive. Through KBI, a company can keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.

Additionally, CTI can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.

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