The Ohio Tax Credit Authority approved about $3 million in tax breaks on Monday to encourage the project.
The company expects to create 257 full-time positions, generating $19.8 million in new annual payroll, and retaining $20.3 million in existing payroll as a result of the company’s expansion project, according to a release from Ohio Gov. Mike DeWine’s office.
Enable Injections was founded in 2010 on technology developed at Cincinnati Children’s Hospital Medical Center. It has raised more than $300 million in venture capital funding since inception.
CEO Mike Hooven said it’s a crucial step in the company’s quest to replace IV therapy with a drug infusion system patients can safely use at home.
“If this isn’t a $5 billion-plus company in the next five years, then I’m doing something wrong,” Hooven said. “This will be a much bigger company than that.”
Enable Injections is ramping up production of its enFuse device, a wearable infusion system that could replace IV therapy.
Enable Injections has deals with four different companies to produce enFuse devices specifically designed for a particular medication. The companies are seeking Food and Drug Administration approval to distribute the devices through pharmacies, so patients can obtain their treatments like other prescriptions.
“This can be done in the clinic. It can be done at home. And it can be done at home by the patient as well,” Hooven said. “So, we’re providing a tremendous amount of flexibility for the patient, for the health care provider, for the pharma company and for the payers. We’re looking to take a significant amount of cost out of the health care system.”
Other sites under consideration for the new headquarters campus include Evendale and Blue Ash, also in suburban Cincinnati.
Chief Financial Officer Tim Flaherty said the company will settle on a site for its permanent home in the next six months.