COVINGTON, Ky. (AP) - Kentucky officials have welcomed a clinical research company that moved its headquarters to northern Kentucky in a $36.4 million project, creating up to 500 jobs.
CTI Clinical Trial and Consulting Services relocated its headquarters from Blue Ash, Ohio, to Covington, Kentucky.
CTI specializes in clinical research, working with pharmaceutical and biotechnology companies to plan, manage and analyze clinical trials. It's a critical step in bringing new drugs, therapies and medical devices to market.
To encourage the investment and job growth, the Kentucky Economic Development Finance Authority last year preliminarily approved the company for tax incentives up to $14 million. The performance-based incentive allows a company to keep a portion of its investment through corporate income tax credits and wage assessments by meeting job and investment targets.