NEW YORK (GenomeWeb) – Pharmacogenetic testing firm Renaissance RX is expanding its operations in New Orleans with an $8 million investment, the company and Louisiana Economic Development announced on Tuesday.
The expansion is expected to create at least 425 new direct jobs and 407 new indirect jobs in the greater New Orleans area. Renaissance, founded in 2012, currently has 80 employees in the region and more than 800 across the country.
The firm will consolidate its business into a 30,000-square-foot building.
Louisiana is providing the company an incentive package that includes a $925,000 performance-based grant to defray the costs related to the expansion of its headquarters and laboratory. The grant will be paid in five annual installments of $185,000. Renaissance also will receive the workforce solutions of LED FastStart, a recruiting and training program, and is expected to participate in the state's Quality Jobs Program, which provides a cash rebate to companies that create well-paid jobs and promote economic development.
Renaissance RX uses gold-standard real-time PCR to provide pharmacogenetic testing, according to its website. It also has a toxicology business that uses liquid chromatography tandem mass spectrometry for quantitative urine drug testing.