Coldstream Laboratories experiencing revenue growth, creating jobs
LEXINGTON, Ky. (May 24, 2012) — Coldstream Laboratories Inc. is thriving, growing and creating jobs in Lexington, Ky. The small-batch pharmaceutical manufacturer recently reported a 40 percent revenue growth for 2011 and is projecting similar growth in 2012. CLI attributes this growth to its central location in Kentucky, change in senior leadership in 2010, and access to the University of Kentucky top 5 College of Pharmacy.
“Larry Kranking’s arrival as CEO and president gave us the benefit of his 30-plus years’ industry experience, which helped us move beyond a ‘startup’ mode and into the next phase of our growth,” said Eric Smart, CLI executive vice president. “He has significantly bolstered our operations group with the hire of Dr. Vickie Hall, who also has a strong background in pharmaceutical manufacturing. Larry has also initiated the development of a more sophisticated business plan and in bringing others into leadership roles to position us for future growth.”
“Kentucky also has a business friendly environment and there is clearly a benefit to being located in the central eastern half of the United States,” Smart said. “CLI’s clients range from small pharmaceutical and biotechnology companies to some of the largest pharmaceutical companies in the world.”
CLI enjoys a strong relationship with the University of Kentucky and the UK College of Pharmacy. The company employs many chemistry, microbiology and manufacturing engineering graduates. In 2011, CLI created 36 jobs with an average salary of $61,000.
CLI has the capability to assist with analytical and formulation pharmaceutical development from a pre-clinical trial stage through commercial product development. The FDA-approved company offers speed and flexibility along with a unique isolator technology or enclosed manufacturing process that ensures sterility and the containment of potent toxicities. Due to CLI’s highly specialized manufacturing process, two-thirds of their clients are from the oncology field.
CLI often begins working with a client during the first phase of the clinical trial process. At any given time they have 12 to 15 active projects in production and are supporting as many as 60 to 70 clients a year. The company is making strides toward expanding their capabilities to generate return business from clients through the commercialization process.
“CLI is located on UK’s Coldstream Research Campus, which gives us access to neighboring biotech companies growing in the area. It has been very convenient to walk down the hall and see a client, where you would ordinarily have to get on a plane to visit customers,” said Smart.
One of CLI’s clients is Equinext, a UK spinoff located at Coldstream Research Campus. Equinext is developing an injectable reagent medical device to treat ligament and tendon injuries and Wobbler’s syndrome in horses. The company is in the second phase of clinical trials. Equinext and strategic partner Hagyard Equine Medical Institute hope to bring the device to market in 2013.
“We chose to work with Coldstream Laboratories not only because they are close, but because they use state-of-the-art technology, have FDA experience and are competitively priced,” said Eric Hauck, Equinext CEO. “They understand that we are trying to develop this device in the most cost-efficient manner and they have helped us do that. I would highly recommend CLI to any startup or mid-sized company.”
About Coldstream Laboratories, Inc.
Coldstream Laboratories Inc. is located at the Coldstream Research Campus and plays an important role in the manufacture of new parenteral or injectable drug products. The company spun out of the UK College of Pharmacy in 2007 and specializes in manufacturing small-batch pharmaceuticals for clinical trials and small commercial markets.
To learn more about CLI, visit www.coldstreamlabs.com.