Gov. Matt Bevin announced today that CTI Clinical Trial and Consulting Services, a global, privately held company providing therapeutic expertise to the pharmaceutical and biotechnology industries, will relocate its headquarters to Covington with a $36.4 million investment projected to create up to 500 Kentucky-resident jobs.
Bevin made the announcement that the pharmaceutical and biotechnology organization confirmed its move into the RiverCenter Towers.
This news comes after almost 10 months of collaboration between
Corporex Companies, LLC, Northern Kentucky Tri-Ed, Kenton County, Campbell County, Boone County, City of Covington, Kentucky Economic Development Cabinet, Northern Kentucky Convention Center, Catalytic Development Funding Corp. of Northern Kentucky, Northern Kentucky University and Gateway Community and Technical College.
“We are grateful for the decision by CTI to move its headquarters to Northern Kentucky and bring with them hundreds of highly skilled jobs,” Gov. Bevin said. “Our administration and local officials are committed to providing the space and resources needed for CTI to continue its growth in the years ahead. CTI is a recognized leader in the life sciences industry and we are delighted to welcome them to Kentucky.”
CTI plans to move its headquarters from the Cincinnati suburb of Blue Ash, Ohio, closer to the region’s urban center. It will lease about 125,000 square feet in the RiverCenter building. The relocation will help the company consolidate its locations and facilitate future growth.
On joining the Northern Kentucky region, CTI will become the largest private sector health sciences employer in Covington. Additionally, the organization will rank third for the largest office operations in Covington, behind Fidelity Investments and the Internal Revenue Service.
“We’re thrilled for CTI to be starting a new chapter at RiverCenter,” said Timothy Schroeder, CEO of CTI. “We feel that this location will be a state-of-the-art headquarters for our staff, enabling collaboration and innovation. This site allows us to retain and grow the most talented team in the industry who are helping to develop some of the most innovative life-changing therapies.”
The organization’s move will have a large economic impact on Northern Kentucky providing the region with outstanding career opportunities. CTI estimates approximately 500 new Kentucky resident jobs to be filled by the end of 2027.
Mayor Sherry Carran stated, “The collaboration between our three counties and the positive energy between our river cities around the Riverfront Commons Project highlighted a welcoming environment that appealed to CTI, a company that values community.” said Covington Mayor Sherry Carran.
“Covington’s plans to improve our riverfront also enhanced the desirability of our location and of the RiverCenter, and it will be a great amenity for the employees of CTI.”
CTI selected Covington for several key factors including the RiverCenter Towers urban core location and the overall Northern Kentucky collaborative efforts amongst the city, county and state government officials, as well as community organization leaders.
Tim Schroeder
CTI Founder and CEO Timothy J. Schroeder elaborated on the organization’s decision to make the move to Covington. He stated, “We are delighted to be locating our growing company’s headquarters to Covington, Kentucky. Our organization was amazed by the enthusiasm that Mayor Sherry Carran and her team exhibited throughout the process.
“We are looking forward to quickly becoming integrated into the community and making CTI a well-known and well respected partner. The local amenities including RiverCenter, the NKY Convention Center, and the Riverfront Commons will be important attributes in our retention and recruitment of CTI team members. It is a transformative time in the company’s history and we will look back positively on this decision and its impact on the company’s ability to continue to move life-changing therapies to patients around the world.”
Founded in 1999 by Schroeder and Lynn Fallon, CTI is a global leader in clinical research, working with pharmaceutical and biotechnology companies to plan, manage and analyze clinical trials, a critical step in bringing new drugs, therapies and medical devices to market. The company is therapeutically focused on critically ill patient populations, chronic diseases and unmet medical needs including the areas of regenerative medicine, cell and gene therapy, rare disease, immunology, transplantation and oncology.
CTI has associates in more than 25 countries and has worked on over 2,700 projects across six continents. CTI has contributed to more than 100 new drug and device approvals by regulatory agencies around the world.
The organization worked alongside Corporex Companies, LLC to secure the RiverCenter Towers location. The office space is 125,000 square feet and will allow future growth and expansion.
During a special meeting today, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved CTI for tax incentives up to $14 million based on its investment of $36.4 million and hiring up to 500 Kentucky residents. The jobs would be added over the agreement’s 10-year span at an average of $40 per hour including benefits.
The incentive agreement is through the Kentucky Business Investment (KBI) program, a performance-based incentive. Through KBI, a company can keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, CTI can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
Corporex CEO William P. Butler said, “We appreciate the opportunity to partner in support of Mr. Schroeder’s very dynamic company. CTI’s move to the urban core follows a national trend and will be a benefit to the entire community.”
“The Catalytic Fund is thrilled to welcome this exceptional and innovative company to our Northern Kentucky community,” said Jeanne Schroder, Catalytic Development Funding Corp. CEO. ” Our local and regional public and private sector entities work together every day to invest in assets such as quality housing, an inviting public realm, solid infrastructure, and excellent commercial spaces to support our corporate citizens’ success and growth.
Both the Riverfront Commons Project and the Northern Kentucky Life Sciences Training Center were essential factors in CTI’s decision. CTI was attracted to the Riverfront Commons Project knowing it would appeal to their current employees’ lifestyles and serve as a valuable recruitment tool for talented young professionals. The Northern Kentucky Life Sciences Training Center, facilitated in the Northern Kentucky Convention Center, will serve as an integral partnership allowing CTI and other life science groups the opportunity to collaborate and grow their industries.
CTI has associates in more than 25 countries and has worked on over 2,700 projects across six continents. CTI has contributed to more than 100 new drug and device approvals by regulatory agencies around the world.
Sen. Christian McDaniel, of Taylor Mill, said the company’s relocation and employment growth will serve Northern Kentucky well in the coming years.
“This company’s relocation from Blue Ash to Covington is yet another example of Kentucky’s business-friendly atmosphere and opportunities for economic growth,” he said. “I am excited to welcome CTI Clinical Trial and Consulting Services to Covington and I look forward to their future endeavors in our region.”
