A Santa Fe biotechnology firm plans to create more than 100 jobs in Rio Rancho, the New Mexico Economic Development Department announced Thursday.
The company, Nature's Toolbox, says its technology can help develop vaccinations and discover new pharmaceuticals. It raised $13 million earlier this year, and planned to increase staffing with a $339,000 Job Training Incentive Program award from the state. And now it will grow even more.
The state pledged $1.75 million in Local Economic Development Act funds for when the company build out a 25,000-square-foot office and manufacturing facility at the Enchanted Hills Commerce Center in Rio Rancho, according to the release. The state may award another $3.25 million in LEDA money to support future job growth and expansion of the facility's footprint, the release says. President Alexander Koglin said the company will relocate entirely from Santa Fe to Rio Rancho as part of the expansion.
The release says Nature's Toolbox is "set to bring $30 million in private investment" to its Rio Rancho operation. The company will hire 116 workers who will make an average of $74,000 per year. Nature's Toolbox, which was founded in 2015. employed about 15 as of last month, Business First reported.
“[The company] is just the latest example of how our focus on [the science, technology, engineering and mathematics fields are] paying off for New Mexico,” said Gov. Michelle Lujan Grisham in a prepared statement. “It is not just creating much needed good-paying jobs now, but paving the way for a stronger and more sustainable economy for decades to come.”
The estimated direct economic impact of the project is $190 million, according to the state. Bioscience is one of several industries that Lujan Grisham's administration has targeted for growth during her time as governor. Other target industries include aerospace, and film and digital media.
The company offers biosynthesis platforms and is developing on-demand vaccine production, according to its website. The ongoing Covid-19 pandemic, which continues to impact the health of individuals and the economy, makes furthering vaccine technology a timely mission.
In November, the company announced the hire of Chief Commercial Officer Joseph Sullivan, who said he brings years of experience in pharmaceuticals, including at leading pharmaceutical company Merck & Co. Inc. He previously told Business First that he plans to identify and form partnerships to spur further development of existing platforms, potentially leading to more business.
