COLUMBUS, Ohio — Cleveland-based AIM Pharmakon and Cincinnati’s AssureRx this week both received economic development incentives from the state of Ohio.
AssureRx, which is developing a genetic test for psychiatric medicines, will receive a $1.2 million low-interest loan from the state to help with $1.6 million in costs for new computer and laboratory equipment, intellectual property acquisition and protection, as well as other expenses, according to a press release from the state’s Department of Development.
The loan will have a 1 percent interest rate in its first year and a 6 percent rate for the final six years. The project is expected to create 30 jobs and help retain seven others.
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AssureRx is also expected to close a Series A round of private financing by year’s end.
AIM, meanwhile, received a seven-year job-creation tax credit worth about $205,589, according to the state’s Department of Development. The company, which provides marketing and consulting services for the pharmaceutical industry, is embarking on a $1 million project in its new facility in Cleveland and is expected to create 40 jobs. The company will be required to remain at the location for 14 years.