Cincinnati CRO CTI - Clinical Trial and Consulting Services Moves HQ to Kentucky and Promises 500 New Jobs over 12 Years
August 17, 2016
By Mark Terry, BioSpace.com Breaking News Staff
CTI Clinical Trial & Consulting, currently headquartered in Cincinnati, Ohio, indicated today that it’s moving its headquarters from Blue Ash, Ohio to Covington, Kentucky. Blue Ash is an inner suburb of Cincinnati. Covington is across the Ohio River from Cincinnati.
CTI is a contract research organization (CRO), which assists drug companies in running clinical trials and getting regulatory approval. Its primary focus is on critically ill patient populations, chronic diseases in regenerative medicine, cell and gene therapy, rare diseases, immunology, transplantation and oncology.
CTI plans to invest $36.4 million in the headquarters, and also plans to relocate up 250 employees in the first quarter of 2017. As part of the move, CTI plans to add up to 500 more jobs in Covington over the next 12 years. This is part of a tax incentive deal approved by the Kentucky Economic Development Finance Authority.
Currently CTI has 500 employees worldwide, and expects to hit 1,500 in the next dozen years. About 500 will be in Greater Cincinnati, another 500 in other North American offices, and the remainder in other global locations.
“We are grateful for the decision by CTI to move its headquarters to Northern Kentucky and bring with them hundreds of highly skilled jobs,” said Kentucky Governor Matt Bevin, in a statement. “Our administration and local officials are committed to providing the space and resources needed for CTI to continue its growth in the years ahead. CTI is a recognized leader in the life sciences industry and we are delighted to welcome them to Kentucky.”
The Kentucky Economic Development Finance Authority agreed to up to $14 million in tax incentives based on the company’s investment. The 500 jobs are expected to average $40 per hour plus benefits.
The headquarters will locate to Covington’s RiverCenter II building in the first quarter of next year. It plans to renovate the office space, and will be choosing a design-build firm next week to make it happen. It is expected to lease around 125,000 square feet in the building, with a lease lasting 15 years.
“We are thrilled for CTI to be starting a new chapter at RiverCenter,” said Timothy Schroeder, CTI’s chief executive officer, to Cincinnati.com. “We feel that this location will be a state-of-the-art headquarters for our staff, enabling collaboration and innovation. This site allows us to retain and grow the most talented team in the industry who are helping develop some of the most innovative life-changing therapies.”
Apparently a significant factor in the decision to move is the area’s Riverfront Commons, an 11-mile public walk-and-bikeway that connects several Kentucky cities.
“We are thrilled over CTI’s announcement,” said Covington Mayor Sherry Carran to Cincinnati.com. “The collaboration between Northern Kentucky’s three counties and the positive energy between our river cities around the Riverfront Commons Project highlighted a welcoming environment that appealed to CTI, a company that values community.”