Thursday, May 30, 2024

Lafayette Biotech Company announces 40-job expansion

by BIZ Magazine

LAFAYETTE, La. – Tides Medical, a producer of skin graft products distributed nationwide for use in the treatment of chronic or difficult-to-heal wounds, announced it is investing $1.5 million to upgrade its corporate headquarters and manufacturing facility in Lafayette. The expansion will allow the company to increase production of its amniotic skin substitutes to meet growing demand.
 
The company will create 40 new direct jobs with average annual salaries of $57,790. Tides Medical will also retain 77 existing positions. Louisiana Economic Development estimates the project will create an additional 54 new indirect jobs, for a total of 171 new and retained jobs in the Acadiana Region.
 
“Louisiana is proud to have Tides Medical as a part of the state’s vibrant and expanding life science sector,” said Gov. John Bel Edwards. “My administration is committed to growing and diversifying our economy through industries like biotechnology, and this is another milestone in our work. This expansion will allow Tides Medical to expand its mission to provide safe, effective treatments that improve health outcomes around the country while also creating good-paying jobs in Acadiana.”
 
Tides Medical manufactures and distributes skin substitutes made from donated human tissue. These naturally-derived solutions have a variety of wound and surgical applications, and are primarily used to treat chronic wounds like diabetic foot ulcers, venous leg ulcers and burns.
 
“We believe that Louisiana biotech companies like Tides Medical play an important role in saving limbs and lives through the development and manufacturing of advanced treatments like our Artacent products for chronic wounds,” Tides Medical CEO Joe Spell said. “As our population ages, we must invest in solutions that will prevent negative outcomes for patients with chronic wounds, including millions that receive no advanced wound care treatment today. We can do that here in Louisiana by creating quality jobs, and funding innovative research and development.”
 
Construction on the expansion began in summer 2022 and the company estimates the project will be complete by the end of this year.
 
“Congratulations to Tides Medical on its many years of success and investment in Lafayette,” Lafayette Mayor-President Josh Guillory said. “It’s exciting to see a world-class biotechnology company expand its footprint while retaining jobs and creating new ones, ultimately contributing to Lafayette’s economic growth.”
 
To secure the project in Lafayette, the state of Louisiana offered Tides Medical a competitive incentives package that includes a $200,000 performance-based grant for reimbursement of equipment expenditures, contingent upon the meeting of employment and payroll targets. The company is also expected to participate in the state’s Industrial Tax Exemption and Quality Jobs programs.
 
“We are thrilled to share the news of Tides Medical’s manufacturing facility and headquarters expansion,” said Lafayette Economic Development Authority President and CEO Mandi D. Mitchell. “Since establishing in Lafayette in 2009, Tides has been an innovator in the biotechnology field serving clients across the U.S. I applaud CEO Joe Spell for choosing to grow this company right here at home, and I look forward to seeing Tides Medical continue its growth in Lafayette with 40 new direct jobs in the high-wage, high-demand medical and manufacturing fields.”

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