Expansion to add 100 new jobs over the next three years
Richmond - Governor Jim Gilmore today announced that CropTech Corporation, a biopharmaceutical research company, will expand its Blacksburg facility. The company, which currently employs 22 people, will employ eight more this year and expects to create 100 jobs over the next three years. This 10,000-square-foot addition will result in a $1.1 million investment for Virginia.
"CropTech Corporation is one of the leading biopharmaceutical research companies in the world," said Governor Gilmore. "With all of the recent genetic discoveries, this is an opportune time to grow."
CropTech Corporation, located in the Corporate Research Center at Virginia Tech since 1992, develops and commercializes the use of genetically engineered plants, especially tobacco, for the production of proteins and biochemicals, which are then used for clinical and pharmaceutical purposes. This addition to the current facility will incorporate research laboratories and clean room areas used for the creation and growth of transgenic plants.
"Biopharmaceutical products, currently an $8 billion dollar business in the U.S., will grow to over $50 billion within the next 10 years," said Dr. Brandon Price, CEO of CropTech Corporation. "CropTech's unique plant-based production technology has the potential to provide the most cost-effective means of producing these high value-added pharmaceutical products and the major biopharmaceutical firms are starting to take notice. Virginia continues to be supportive of CropTech's efforts to improve its products."
The Virginia Economic Development Partnership, Montgomery County and the Town of Blacksburg assisted CropTech Corporation with its decision to expand. The Virginia Department of Business Assistance will provide workforce training services.
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