A Lexington biopharmaceutical company plans to hire 21 more employees by 2013, state officials announced Thursday.
Transposagen Biopharmaceuticals creates genetically modified laboratory rats that are used for disease research. The company sells more than 300 different rat models.
The Kentucky Economic Development Finance Authority gave approval Thursday for the state Department of Commercialization and Innovation to offer the company a forgivable loan of $250,000 to assist in buying equipment and paying patent expenses.
Of the 21 new jobs, 16 are classified by the state as high tech and will pay an average annual salary of $58,750 excluding benefits, the state noted. The company also was approved in March for $400,000 in tax incentives to add laboratory space at its operations.
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If all the employees are hired, the company will have 37 workers by June 2013.
"We are excited to have received approval for these incentive programs," said Transposagen CEO Eric Ostertag.
In a statement, Mayor Jim Gray praised the company, noting that "these are good jobs that will provide a future for Lexington citizens."