Avadim to Anchor New Medical Technology Park
Asheville, NC (September 21, 2016) – Avadim Technologies Inc. (“Avadim”), a life sciences company delivering Pathogenesis Based Therapies (“PBTs”), which work to optimize the stratum corneum, integumentary functions, and the associated reactive tissue, today announced it will launch a major expansion of its operations in Buncombe County, NC. The press conference, with North Carolina Governor Pat McCrory, North Carolina Commerce officials and the Economic Development Partnership of North Carolina (EDPNC) in attendance, disclosed that Avadim will build a new 100,000 square foot corporate headquarters to meet rapid growth and demand of its technology.
“Great companies are born in North Carolina and great companies grow here,” said Governor McCrory. “Avadim Technologies’ significant expansion adds an exciting new dimension to our biotechnology industry and to the economy of western North Carolina. Our state continues to attract global competition because of our improved business climate, highly skilled workforce and quality of life that is second to none.”
Founded in 2007, Avadim Technologies develops pathogenesis-based therapies that address disease processes at their earliest stages of development. Its patented therapies, which offer promising applications from sports medicine to hospital in-patient care to battlefield wound treatment and global public health.
Inc. magazine ranked Avadim Technologies #234 on its list of the 500 fastest-growing private U.S. companies for 2016. The company currently employs 106 people across the United States.
“North Carolina’s superior talent, engaged universities and unbeatable business climate will support Avadim as it executes this significant expansion,” said N.C. Commerce Secretary John E. Skvarla, III. “Avadim’s growth in Buncombe County is further evidence that pioneering life sciences businesses are thriving in every corner of our state.”
Avadim will expand its product development, manufacturing, distribution and corporate headquarters operations. Among its new hires will be sales and marketing personnel, customer service representatives and information technology specialists. Avadim’s new facility will be the anchor for the new Black Mountain Medical Technology Park.
Stephen Woody, Avadim’s Chairman and CEO, stated, “As a lifelong resident of Buncombe County, it was important to me that the expansion of our business remain in the county. In addition to contributing to the health and well-being of individuals nationwide, by addressing the gaps in global health including infection, neuromuscular disorders and wound care, this expansion will also contribute to the growth of our economy by continuing to cultivate a vibrant life sciences sector that will spurs jobs and further business growth in Western North Carolina.”
Avadim’s expansion in Buncombe County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Under the terms of the JDIG, the company is eligible to receive up to $4.9 million in total reimbursements. Payments will occur in annual installments over 12 years pending verification by NC Commerce and NC Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base with the goal of increasing the overall revenue benefit to the State of North Carolina.
Partnering with North Carolina Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, North Carolina Transportation, North Carolina Revenue, the Golden LEAF, the Land of Sky Council of Governments, the City of Asheville, Buncombe County and the Asheville-Buncombe County Economic Development Coalition.
About Avadim Technologies, Inc.:
Avadim Technologies, Inc. is a life sciences company that has developed a new class of life sciences solutions based on Pathogenesis Based Therapies (“PBTs”) which work to optimize the stratum corneum, integumentary functions and the associated reactive tissue. Our platform of therapies works to protect and support natural physiological functions of the outer barrier of the body, to super normalize it, supporting treatments within our three series of therapies for infection prevention, neuromuscular disorders and barrier repair. Our platform and technologies use a targeted topical delivery system, are non-toxic and are effective without the side effects of other remedy approaches. Initial acceptance in the U.S. clinical market of our first PBTs and our novel preventative approach, have shown both cost avoidance and superior effectiveness in addressing specific needs in healthcare. Avadim’s advanced therapeutic class of Pathogenesis Based Therapies is capable of unlocking pathways to address emerging gaps in global health.
Avadim Technologies Inc. Contacts:
Joe McGuire, Chief Financial Officer
David Fann, President
Avadim Technologies Inc.
81 Thompson Street
Asheville, NC 28803
Avadim’s Investor Relations: Capital Markets Group, LLC 914.669.0222 [email protected] www.CapMarketsGroup.com