SAN DIEGO, July 10, 2015 /PRNewswire/ -- IriSys, LLC, the San Diego-based pharmaceutical contract development and manufacturing organization, today announced the achievement of two significant financial milestones. On July 1, IriSys was awarded the MetroConnect prize to assist in expanding its international business presence.
Managed by San Diego Regional EDC, and presented by JPMorgan Chase, the MetroConnect Prize grants 15 San Diego companies financial support to assist with developing international business opportunities. Each company receives up to $10,000 in matching funds to cover up to 50% of the costs associated with the company's next step to going global. The companies were selected from a group of 64 applications by a panel of judges including representatives from Biocom, CONNECT and the San Diego Regional EDC.
"IriSys has been rapidly growing in recent years and its custom pharmaceutical development and manufacturing services should be of great interest to international clients. This award provides our team the resources to investigate opening our first international office in Shanghai, China," said Gerald Yakatan, Ph.D., chairman, CEO and founder of IriSys. "In addition to our capabilities in formulation and novel drug delivery techniques, our FDA consulting services will be of value to small Japanese and Chinese pharmaceutical companies that want to bring products to the U.S. for development. Our Shanghai office will help us develop business opportunities in China, Japan and other Asian countries."
Another milestone was achieved on June 18, when the California Competes Tax Credit Committee granted IriSys a five-year, $100,000 tax credit in return for the company's commitment to expand its facilities and hire additional skilled researchers. The California Competes Tax Credit (CCTC) is an income tax credit available to businesses that want to come to California or stay and grow in California. Tax credit agreements are negotiated by GO-Biz (California Governor's Office of Business and Economic Development).
IriSys was founded in 1996 to provide contract pharmaceutical product development and manufacturing services, specializing in formulation development, cGMP manufacturing of clinical trial material, commercial pharmaceutical products and consulting related to the drug development process. IriSys' custom approach to drug development is supported by the company's scientific and regulatory experience in moving over 100 drug products from discovery into clinical development and commercialization.
Gerald Yakatan, Ph.D.
Chairman, CEO and Founder
Vice President Business Development
SOURCE IriSys, LLC