Gov. Matt Bevin today local and state leaders and executives and employees from CTI Clinical Trial and Consulting Services to open the company’s headquarters in Covington, a $36.4 million project creating up to 500 Kentucky-resident jobs.
“CTI’s leaders recognize the numerous benefits of growing their company in Kentucky, and we welcome them as partners in our state’s dynamic business community,” said Gov. Bevin. “The company’s presence is creating hundreds of well-paying jobs for Kentuckians and strengthening the commonwealth’s healthcare industry. I believe today’s event is only the beginning of good things to come. CTI will thrive in Covington, and the people of Northern Kentucky are grateful for the opportunities that this will create.”
CTI, a global, privately held company providing therapeutic expertise to the pharmaceutical and biotechnology industries, relocated its headquarters from the Cincinnati suburb of Blue Ash, Ohio to be closer to the region’s urban center. The company is leasing approximately 125,000 square feet in the RiverCenter building. The relocation will help the company consolidate its locations and facilitate future growth.
“We felt strongly that we needed to move to a more urban setting in order to continue to recruit and retain the best people for our team that works tirelessly to bring life-changing therapies to critically ill patients around the world,” said Timothy Schroeder, founder and CEO of CTI. “Covington offered us the best of both worlds, a great community with an urban, walkable environment.”
Founded in 1999, CTI is a global leader in clinical research, working with pharmaceutical and biotechnology companies to plan, manage and analyze clinical trials, a critical step in bringing new drugs, therapies and medical devices to market. The company is therapeutically focused on critically ill patient populations, chronic diseases and unmet medical needs including the areas of regenerative medicine, cell and gene therapy, rare disease, immunology, transplantation and oncology.
CTI has associates in more than 25 countries and has worked on over 3,500 projects across six continents. CTI has contributed to more than 100 new drug and device approvals by regulatory agencies around the world.
Sen. Christian McDaniel, of Taylor Mill, welcomed the company to Kentucky.
“I am pleased to welcome CTI to Covington as the company celebrates its grand opening here in the Bluegrass State,” Sen. McDaniel said. “Our commonwealth offers so many amenities to growing businesses, and I am proud that CTI chose our community in which to grow its operations with a multimillion dollar investment and the creation of new Kentucky jobs.”
Sen. Wil Schroder, of Wilder, said the investment is a positive sign for the region.
“As the chairman of the Northern Kentucky Legislative Caucus, I am pleased to see our region attracting new businesses from out of state with multimillion dollar investments,” Sen. Schroder said. “The Kentucky General Assembly has worked hard to ensure Kentucky attracts great employers, and I know the Northern Kentucky region will serve CTI well in its endeavors. I look forward to the company’s continual success in our commonwealth.”
Rep. Arnold Simpson, of Covington, thanked everyone involved with making the project a reality.
“I’m proud to formally welcome CTI’s headquarters to its new home here in Covington, and want to thank its leaders and the state and local officials who helped to make today’s event possible,” Rep. Simpson said. “This relocation, just a short drive from its former home across the Ohio River, is deeply symbolic and just adds to Covington’s reputation as one of the best places in the country to work and do business. I’m confident we’ll see many more days like this in the near future.”
Covington Mayor Joe Meyer said he looks forward to the company and community working together.
“Covington has worked hard to make our city a place where dynamic companies like CTI can thrive,” Mayor Meyer said. “We look forward to the opportunities that this move brings for CTI and for Covington as well, as our life sciences industry continues to expand and bring more talent and innovation to our region.”
Kenton County Judge-Executive Kris Knochelmann, current Northern Kentucky Tri-ED board chair, said he anticipates CTI will be a great corporate partner.
“CTI is a welcome addition to the burgeoning life sciences industry in Northern Kentucky and Kenton County, and has already demonstrated a willingness to collaborate and engage with the community,” Judge-Executive Knochelmann said. “We congratulate CTI’s investment in RiverCenter and look forward to their continued growth and partnership in our region.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in August 2016 preliminarily approved the company for tax incentives up to $14 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, CTI can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal year 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.