Launch Medical is investing $4.8 million to triple its size and create 40 new jobs.
The medical device development company will expand into a 21,000-square-foot facility in Bartlett and create the new jobs over a five-year span. Its current facility, at 2975 Kate Bond Road, is about 7,000 square feet.
Launch Medical was founded in 2007 as a medical device incubator to help surgeons develop ideas for new medical products. The company partnered with Memphis-based Elite Medical in 2010 to develop and manufacture its own medical devices.
The City of Bartlett Industrial Development Board issued a payment-in-lieu-of-taxes designation to the project in October, while the state of Tennessee has also provided incentives through the Department of Economic and Community Development.
“We have an exceptional business climate in Tennessee, and existing industries continue to be one of our most valuable assets and effective champions for our state,” Bill Hagerty, commissioner of the Department of Economic and Community Development, said in a statement.
Launch Medical’s announcement comes on the heels of the Bartlett Area Chamber’s announcement in November of a partnership with local medical device companies to form the Medical Device Council and the Tennessee Life Science Center for Innovation and Technology. The device council was created to help provide training for potential employees of medical device companies throughout the city.
The Launch Medical expansion is an example of medical device growth occurring in Bartlett, said Clay Banks, director of economic development with the Bartlett Area Chamber of Commerce.