Navigation Links
New study shows TGen spin-off boosts Scottsdale economy
Date:1/21/2010

SCOTTSDALE, Ariz. Jan. 21, 2010 TGen Drug Development (TD2) is poised to play a significant role in the expansion of Scottsdale's biomedical industry, fostering new jobs and city revenues, and prompting the creation of more related businesses.

That is the conclusion of a new report released today by the independent economic research firm Tripp Umbach of Pittsburgh about TD2's economic impact on Scottsdale.

And while TD2's contributions to Scottsdale already are solid, its projected impact within 5 years will increase by nearly tenfold, the Tripp Umbach report concludes.

TD2's direct annual economic impact on Scottsdale in 2009 was $4.3 million. But when TD2's affiliated company operations are included, the total economic impact in 2009 was pegged by Tripp Umbach at more than $26 million. That total economic impact is projected to reach more than $239 million by 2015, the report said.

"Working alongside other key biomedical engines like the Mayo Clinic and Scottsdale Healthcare, TD2 holds the promise of a brighter economic future for Scottsdale, and the promise of better healthcare for all Arizonans," said Dr. Stephen Gately, TD2's President and Chief Scientific Officer.

Other economic impacts and projections for TD2 identified by Tripp Umbach include:

  • Total employment generated directly and indirectly from TD2's Scottsdale operations and affiliated companies equaled at least 106 jobs. By 2015 the number of jobs generated by TD2 and affiliated companies should reach 1,080.

  • Operations of TD2 and affiliated companies in 2009 generated more than $729,000 in city revenues. In 2010, TD2 and affiliated companies will have generated more cumulative tax revenues than the dollars initially invested by Scottsdale. By 2015, annual city revenues generated by TD2 and affiliated companies should reach nearly $6.6 million.

  • By 2015, Scottsdale should see an economic return of $7.89 for every $1 invested in TD2.

TD2 is a non-profit, whole-owned subsidiary of the Phoenix-based, non-profit Translational Genomics Research Institute (TGen). A recent Tripp Umbach report showed that TGen's annual economic impact on Arizona in 2009 was more than $77 million.

TD2 was created in 2003 as a way of commercializing the research discoveries of TGen. Scottsdale provided a $3 million loan to accelerate TD2's growth. TD2 was the first non-Mayo business partner welcomed by the Mayo Clinic Scottsdale to its biomedical campus at 134th Street and Shea Boulevard.

Its mission is to facilitate drug development and move new compounds to patients as quickly as possible. TD2 provides a comprehensive program of pre-clinical, clinical and regulatory services to ensure expeditious approval by the U.S. Food and Drug Administration of treatments that are proved to be safe and effective.

In part because of TD2, many related businesses have located in Scottsdale: Ascalon International Inc., MCS Biotech Resources LLC, Semafore Pharmaceuticals Inc., Silamed Inc., Stromaceutics Inc., SynDevRx Inc., and Translational Accelerator LLC (TRAC).


'/>"/>

Contact: Steve Yozwiak
syozwiak@tgen.org
602-343-8704
The Translational Genomics Research Institute
Source:Eurekalert

Related medicine news :

1. Herpes medication does not reduce risk of HIV transmission, UW-led international study finds
2. Mouse Study May Advance Multiple Sclerosis Research
3. Employer Satisfaction With Health Insurers Is Declining, Finds PricewaterhouseCoopers Study
4. Employer Satisfaction with Health Insurers is Declining, Finds PricewaterhouseCoopers Study
5. Study Questions Need for Emergency Appendectomies
6. Treatment for chronic hepatitis C: A phase II study
7. Zambian study finds longer breastfeeding best for HIV-infected mothers
8. Refinement of glaucoma testing, treatment expected from US, United Kingdom study
9. McGill-CHUM study: 56 percent of young adults in a new sexual relationship infected with HPV
10. Synomics Pharma and Bioscience Laboratories Announce Partnership to Provide Topical Clinical Phase 1 Study Services
11. Study Shows Pine Bark Naturally Relieves Symptoms of Acute Hemorrhoids
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/18/2017)... ... August 18, 2017 , ... August 18, 2017 — Mediaplanet ... for active, healthy lifestyles and highlighting the importance of proactive eye and ear ... and shares the latest innovations in hearing aid technology. , According to ...
(Date:8/18/2017)... ... August 18, 2017 , ... The Dawn Johnson Insurance Group, a ... charity drive to generate community support for efforts to educate the local population on ... for all types of cancer. , Each day in America, roughly 4,600 new ...
(Date:8/18/2017)... TX (PRWEB) , ... August 18, 2017 , ... ... assistance and financial planning services to communities in east Texas, is launching a ... Brain Tumor Foundation. , Founded in 1991, the Pediatric Brain Tumor Foundation (PBTF) ...
(Date:8/18/2017)... ... August 18, 2017 , ... ... planning firm that serves residential and commercial clients in the greater Houston region, ... raise community support for the fight against cancer. , Founded by Tony and ...
(Date:8/18/2017)... Raton, Fl (PRWEB) , ... August 18, 2017 ... ... largest network of highly trained practitioners specializing in bioidentical hormone replacement therapy and ... associated with hormone imbalance and conditions of aging, such as menopause, andropause, thyroid ...
Breaking Medicine News(10 mins):
(Date:8/10/2017)... , Aug. 10, 2017  Physical Rehabilitation Network (PRN), ... in Lakewood, Colorado . The reputable clinic ... Lipkin , PT, DPT with his staff of four clinicians. ... of Pittsburgh and brings over 10 years of experience with ... Belmar PT marks the 10th PRN clinic in and ...
(Date:8/7/2017)... GAITHERSBURG, Md. , Aug. 7, 2017 /PRNewswire/ ... for healthcare member acquisition, retention, and engagement, announced ... Director of Strategy and Product Development, effective as ... strategic consulting and technology implementation strategy for our ... years of experience in consulting and business analytics ...
(Date:8/7/2017)... Mich., Aug. 7, 2017  Diplomat Pharmacy, Inc. (NYSE: DPLO), ... the quarter ended June 30, 2017.  All comparisons, unless otherwise ... Second Quarter 2017 Highlights ... to $1,089 million, an increase of 3.5% ... Gross margin of 7.5% versus 7.6% ...
Breaking Medicine Technology: