Newly formed biotech company establishes U.S. presence in Tampa
March 21, 2022
NuMedTechs plans to hire 12 by the end of 2023; plans to purchase permanent lab space and invest in R&D software and equipment
Tampa, Fla. (March 21, 2022) – Newly formed biotech company NuMedTechs announced it has established its U.S. presence in Tampa with plans to create 12 new jobs by the end of 2023. Positions include seven executive level staff and five support staff including nuclear technicians, nuclear specialists and research and development support staff.
NuMedTechs will initially locate at Quest Workspaces in downtown Tampa’s Rivergate Tower but has plans to purchase a permanent lab and office space in the next 1-2 years, as well as invest in R&D software and equipment.
“Tampa’s established life sciences sector, strong talent pool, and access to local and regional support make it a perfect location for us to establish this newly formed company,” said M. Damian Billy, Founder/CEO of The Econophy Group, LLC, a Florida-based independent sponsor private equity firm and majority stakeholder in NuMedTechs. “We anticipate ramping up operations for NuMedTechs quickly and look forward to contributing to the innovation and scientific breakthroughs happening in Tampa.”
The Tampa office will be a U.S. research hub for NuMedTechs to grow its diagnostic abilities and treatment process associated with diagnosing respiratory conditions caused by particulate matter in the air due to climate change, development of a Tuberculosis derivative, and diagnostic capacity to diseases of other organs, particularly Pulmonary embolism and Chronic Thromboembolic Pulmonary Hypertension.
The Tampa Bay Economic Development Council assisted NuMedTechs with real estate availability, custom market research, and connections to key business and industry resources. NuMedTechs is the latest life sciences firm to announce an expansion in Tampa and Hillsborough County, including Axogen and Pfizer.
“NuMedTechs is an excellent addition to our thriving life sciences and biotech ecosystem,” said James Nozar, chair of the Tampa Bay EDC. “We’re thrilled NuMedTechs has chosen to establish its U.S. operations in Tampa and conduct lifesaving research and development here. We look forward to providing continued support as the company sets up its operations.”
In 2015, scientists at Montreal Heart Institute developed a first-in-class, safe, non-invasive nuclear biomarker called “PulmoBind” for diagnosing Pulmonary Hypertension. It was a breakthrough with clinical trials showing it five times more efficient than previous industry standard tests. It also demonstrated remarkable potential in diagnosing Pulmonary perfusions as well as differentiating between a healthy lung and a compromised one.
NuMedTechs was formed after independent sponsor private equity firm The Econophy Group LLC entered into a merger and acquisition transaction with Canada-based Pulmo Science, Inc., which owned all the patents associated with PulmoBind. Through the acquisition, The Econophy Group became a majority stakeholder, in addition to all patents associated with PulmoBind; rights, and future development of any diagnostics and related intellectual property.
About the Tampa Bay Economic Development Council
The Tampa Bay Economic Development Council is the lead designated economic development agency for Hillsborough County and the cities of Tampa, Plant City and Temple Terrace. Established in 2009 as a partnership between the public sector and private corporate investors, the EDC works to develop and sustain a thriving local economy through the attraction, retention and expansion of high-wage jobs and capital investment within targeted industry sectors, including Corporate Headquarters, Financial and Professional Services, Information Technology, Life Sciences, Defense and Security, Distribution and Logistics, and Manufacturing. The EDC exists because of the generous support of more than 100 corporations, Hillsborough County, and the cities of Tampa, Plant City and Temple Terrace.