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ParaTechs graduates from ASTeCC to their own facility on Oak Hill Drive
LEXINGTON, Ky. (Nov. 4, 2010) —ParaTechs, a biotechnology company that uses insect molecular biology to create new products, has opened its new facility on Oak Hill Drive in Lexington. Formed in 2004, ParaTechs moved into the UK ASTeCC campus incubator in 2006 where the company operated for the last four years. ParaTechs current employs five full-time and two part-time employees.
"Paratechs is the best example of how a faculty startup achieves success," said Vice President for UK Commercialization & Economic Development, Len Heller, at the company's open house on Nov. 4. "It developed a sound business plan, grew in ASTeCC, obtained SBIR grants and hired a CEO to manage the company. Paratechs has an excellent future." Local and state government economic development groups that helped the company get started turned out for the open house including members of UK's economic development office, Commerce Lexington and the Kentucky Department of Commercialization and Innovation.
Based on the research of UK entomologist Bruce Webb, Ph.D., ParaTechs specializes in insect molecular biology to create unique insect control and natural product technologies. The company uses genes derived from insect viruses to make proteins more efficiently for pharmaceuticals. The baculovirus use by ParaTechs is used in many areas of medical research, including the development of human vaccines.
In addition, ParaTechs manufactures the novel NSET (Non-Surgical Embryo Transfer Device). This device non-invasively implants embryos into mice to produce genetically engineered mice in a more humane way.
The Von Allmen Center for Entrepreneurship, part of the UK economic development office, partnered with ParaTechs in 2004, and has assisted the company to secure incubator lab space in ASTeCC and apply for SBIR/STTR Phase I and Phase II federal and state-matching grants. To date, Paratechs has received $2,708,098 in Phase I and Phase II SBIR and STTR awards from the USDA and NIH, which includes $1,024,668 in Kentucky Matching Funds. The company expects to receive another $1.1 million by year end, bringing their total grants and contracts to $3.8 million.
In addition to Bruce Webb, other members of the management team include Angelika Fath-Goodin, Ph.D., vice president and co-founder, and Shannon Bass, chief executive officer. For more information on Paratechs and its products, visit www.paratechs.com