PHD Diagnostics Receives $200K in High-Tech Investment Pool Funding

PHD Diagnostics in Covington recently was awarded $200,000 from Kentucky’s Cabinet for Economic Development’s High-Tech Investment Pool for a lab upgrade.PHD Diagnostics, a bioLOGIC company, recently moved its genetic testing operation from Cincinnati. With a new, larger lab space will allow the company to develop new genetic test for applications including cardiovascular disease, cancer, toxicology and smoking cessation treatments. The funding will be used to buy high-tech lab equipment. PPD was awarded funding, as was Blu Pharmaceuticals in Franklin.  “The recent awards by KEDFA to these two companies are good examples of how Kentucky is helping our existing businesses grow and expand, and at the same time attracting companies from other states,” said Larry Hayes, interim secretary of the Cabinet for Economic Development. “This shows that not only are our economic development programs helping retain high-paying jobs here at home for Kentuckians, but that these programs also enable us to compete successfully with other states for high-tech firms.” PHD Diagnostics plans to create at least 10 full-time, high-tech and technical support jobs for Kentuckians by June 30, 2012. The jobs will pay an average annual salary of $51,000. Writer: Feoshia HendersonSource: Kentucky Cabinet for Economic Development