Stemnion site expected to generate 220 to 1,000 positions
Stemnion Inc., a Pittsburgh company that is developing human cell-growth technology to heal burn victims, promised to place a manufacturing operation in the city in return for extending $1 million in loans from a county agency, officials said on Friday.
The company projects that within five years it could employ 220 employees, and by 2021, as many as 1,000, said Executive Chairman Bill Golden at a meeting of the Redevelopment Authority of Allegheny County. Stemnion currently employs 50.
The agency agreed to grant an extension on two existing $500,000 loans it made to Stemnion -- for 10 years each at 3 percent interest -- and Golden made a commitment to locate manufacturing here and to increase employment.
"In five years, we expect to employ 220, and of the 1,000 jobs expected in 2021, 600 will be in manufacturing," said Golden, who runs the company with CEO George Sing.
Clinical trials are being done in three centers -- none in this area -- on burn patients. The trials are necessary to gain Food and Drug Administration approval for the company's human cell-growth technology. The funds were targeted initially for development of a clean room at the company's location in the Pittsburgh Technology Center, Oakland.
If all trial phases go well, Stemnion's cell-based products could be ready for commercialization in 2013. The military is interested in the technology to treat war wounded who have suffered burns.
Golden said most of its funding has come from the Department of Defense.
In 2010, Stemnion opened 20,000 square feet of research and development laboratories, a cell processing facility and offices in the Pittsburgh Technology Center.
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