DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: City wide
SUBJECT:
An Ordinance authorizing the San Antonio Economic Development Corporation ("SAEDC") to undertake an economic development project with Kiromic Inc. ("Kiromic") in the amount of $200,000 utilizing available funds in the SAEDC Investment Fund previously approved and appropriated by City Council for use by the SAEDC.
SUMMARY:
Staff is requesting City Council action to authorize the SAEDC to undertake an economic development project in the amount of $200,000 with Kiromic, a biotechnology company focused on developing and delivering immunotherapy drugs to address cancer and other diseases. Kiromic is currently located in Houston, but the company is considering relocating its headquarters, research, development and manufacturing operations to San Antonio.
BACKGROUND INFORMATION:
Kiromic is a clinical-stage biotechnology company founded in 2012 and currently located in Houston. Kiromic is focused on developing the next generation of immunotherapy drugs which activate a person's immune system to fight cancer and other diseases. Kiromic's initial focus is on treating solid tumors, blood and lymph system cancers and ovarian cancer. This proprietary immunotherapy technology also shows potential to address other diseases. The company is currently conducting Phase I clinical trials on humans through MD Anderson (Houston) and Oncology SA (San Antonio).
Kiromic currently has 12 employees with plans to add another 10 jobs or more in the next 2-3 years. The company is considering relocating its headquarters, research and development, and drug manufacturing operations from Houston to San Antonio. The company is also considering locating to Austin at the Dell Medical School. Kiromic has raised $13 million since inception and is currently raising $12 million through a Series A round of financing in preferred stock. The company is seeking local in...
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