NEWTOWN TOWNSHIP >> KVK-Tech Inc., a specialty pharmaceutical company headquartered in Newtown Township has announced the creation of a High-Technology Business Incubator at the former Lockheed Martin property it acquired in March 2015.
The formation of the Business Incubator is in addition to the expansion of KVK-Tech’s own operations that are planned for the site.
“Our goal is to bring new jobs to the community by creating a unique location that ultimately brings together technology entrepreneurs, area businesses and our local educational institutions to create an atmosphere that fosters innovation and, ultimately, economic growth,” KVK-Tech CEO and President Anthony Tabasso said.
The Newtown property at 100 Campus Drive boasts 460,000 square feet of office, lab and high-tech manufacturing space in a series of buildings. It also includes a conference center that was constructed in 2010.
KVK-Tech outlined a plan to initially utilize 60,000 to 80,000 square feet of space to help headquarter new and start-up technology companies.
Early occupants of the new space are expected to be related to the pharmaceutical industry though that will change over time. KVK-Tech is already in talks with several local and area businesses to occupy the initial space. Long-term plans also call for partnership with local educational institutions.
“Last March, I was happy to work with KVK-Tech as we helped them strengthen their commitment to Newtown Township by purchasing this property and announcing their intention to expand and bring new jobs here,” said Ryan Gallagher, Vice Chairman of the Newtown Township Board of Supervisors. “Today, I am even happier that KVK is building upon that commitment and introducing this endeavor that will mean even more positive benefits to our township, local residents and our local economy.”
Business incubators traditionally use the strength and assets of an established, larger company to help new and start-up companies, particularly by providing services such as management training, office space, and access to research and development tools these start-ups could otherwise not obtain. Incubators also help with access to venture capital and traditional bank financing, assistance with technology commercialization, and more.
“We chose to expand in Newtown Township for several factors, including local government leaders who are committed to helping our and other businesses succeed, a location convenient to the I-95 corridor, a strong workforce and the ability for our employees to settle in an area with strong schools and amenities,” Tabasso said. “These are the same factors that will help this endeavor to be a success.”
About KVK Tech
KVK is a leader in the development and manufacture of high-quality, FDA-approved medicines that address unmet patient needs. Founded in 2004, KVK takes pride in its ability to advance medical care and offer low-cost alternatives in response to today’s healthcare challenges. All of KVK’s products are made in the U.S.A. in a state-of-the-art facility in Newtown. KVK is committed to maintaining its entire business operations in America, as it continues to build strong, lasting relationships with the nation’s largest pharmacy chains, wholesalers and distributors. Earlier this month, KVK launched its first branded product: Lomaira™ (phentermine hydrochloride USP) 8 mg tablets CIV. For more information, visit www.Lomaira.com or www.kvktech.com.