The Houston based bio-tech start-up Kiromic is in line for a $200,000 incentive package from San Antonio City Council to move its headquarters, manufacturing, and business operations in the Alamo City, News Radio 1200 WOAI reports.
Mayor Nirenberg says adding Kiromic to the city's expanding bio-tech sector would be a major boost for San Antonio.
“Kiromic is an innovative biotechnology company, and we are thrilled they are considering moving their headquarters, manufacturing, and research and development activities from Houston to San Antonio,” Nirenberg said. “Kiromic will be a great addition to our growing portfolio of local companies developing cancer drugs and treatments, positioning San Antonio as a leader in this critical bioscience sector.”
Kiromic is currently in the middle of raising $12 million in financing to finance its expansion in San Antonio. The company mainly does drug research and development, and will establish drug manufacturing and Phase I and II clinical trials in the city.
Kiromic would add to a local array of cutting edge cancer and drug research companies which includ the Cancer Therapy and Research Center, the START Center, and Dr. Anthony Tolcher's Next Oncology.
If City Council approves the project, the SAEDC will enter into an Economic Development Agreement in the amount of $200,000 with Kiromic with the requirement that the company relocate its headquarters and business operations to San Antonio in 2018, remain in San Antonio for at least 5 years, and create and retain up to 20 high-jobs during the term of the Agreement. For helping fund the company’s relocation, the SAEDC will also receive $200,000 in Kiromic Series A Preferred Shares.