SAN DIEGO, June 26, 2015 /PRNewswire/ -- Last week, Ajinomoto Althea, Inc. ("Althea") was awarded the California Competes Tax Credit by the California Governor's Office of Business and Economic Development ("GO-Biz"). The $2,000,000 income tax credit was granted because of Althea's continued commitment to grow and invest in its California-based operations. The Althea award was the largest granted to a San Diego life science company in this round.
Life science companies throughout California are working to utilize these tax credits to expand and continue to foster the state's economic growth over the upcoming years. GO-Biz Committee Chair, Mike Rossi comments, "The California Competes tax credit continues to encourage companies to invest and create high quality jobs in California. While other states are scrambling to piece together unsustainable incentives, California has diversified its portfolio of targeted economic development tools and is seeing increased job creation as a result."
"We are very grateful to the State of California and the GO-Biz office for this award. Governor Brown and the State Legislature created California Competes in 2013 to encourage companies to stay and expand in California. We are pleased to be doing both," stated David Enloe, President and CEO of Althea. "In particular, we thank Biocom for making us aware of the program and putting us in touch with the appropriate officials in the Governor's office to make it happen, as well as the support of Mayor Kevin Faulconer's office. These are the kinds of relationships that make the San Diego life sciences ecosystem truly unique."
Althea is significantly expanding its operations, including the addition of an entirely new facility and set of biopharmaceutical manufacturing capabilities, and will continue to create new jobs in the San Diego life science community.
About Ajinomoto Althea, Inc.
Ajinomoto Althea, Inc. is a fully integrated, contract development and manufacturing organization located in San Diego, CA providing clinical and commercial product development services. Ajinomoto Althea, Inc. offers cGMP drug product filling in both vials and syringes, and production of microbial-derived recombinant proteins and plasmid DNA. In conjunction with these manufacturing operations, Ajinomoto Althea, Inc. offers comprehensive development services including: upstream and downstream process development, analytical development, lyophilization cycle, complex formulation, product release and ICH-compliant stability testing. Ajinomoto Althea Inc.'s formulation technology platform includes Crystalomics®, a proprietary technology that offers a formulation solution for large molecule products that must be delivered at high concentrations or as sustained release formulations. Ajinomoto Althea also has an innovative and proven recombinant protein expression technology called Corynex® technology. For more information visit us at www.altheaCMO.com.
CONTACT: 858-882-0123, [email protected]
SOURCE Ajinomoto Althea, Inc.