A startup cancer-treatment firm based in Toronto announced Tuesday that it will open a manufacturing facility in Indianapolis that is expected to employ 113 workers by the end of 2024.
Point Biopharma said it will invest more than $25 million to transform a 77,000-square-foot building at 4850 W. 78th St. into a cancer-drug manufacturing plant, its first in the United States.
The company, which launched in February and hopes to start clinical trials this year, makes radioligand therapies, which hold the promise of delivering radiation to the site of cancer cells in a more precise manner than chemotherapy.
Point said it expects to hire 30 workers over the next two years, with employment ramping up further as production increases.
The company is one of many across the globe in a mad rush to develop radioligand therapies for cancer treatment—a field that’s expected to see explosive growth.
“These next generation drugs are extending patients’ lives and provide a better quality of life compared to the standard of care. This win-win profile will push these treatments to the frontline of cancer care,” Point’s CEO, Dr. Joe McCann, said in February press release.
In return for Point’s job commitments, the Indiana Economic Development Corp. offered the company up to $1.3 million in tax credits. The IEDC also offered $500,000 in tax credits in return for Point’s capital investment. The credits are performance based, meaning the company cannot claim them unless it follows through with its hiring and investment plans.
The city of Indianapolis will consider additional incentives, but details were not immediately available.