New company to bring jobs

More than 75 new jobs and $8.5 million in help for household incomes will come to Bloomington by 2010, Gov. Mitch Daniels and health officials from Predictive Physiology and Medicine announced Tuesday.

Daniels and officials from the health assessment developer PPM announced their plans at a press conference Tuesday afternoon. The company plans to invest more than $10.6 million to construct a 30,000-square-foot headquarters and laboratory in southwest Bloomington where the former Thompson TV manufacturing plants were located.

PPM created assessment tests that can help doctors and patients detect early signs of potential health problems such as heart disease, diabetes and stroke. This new advancement in blood tests is the result of pairing technology with informatics.

Indiana entrepreneurs and academic leaders from the IU School of Medicine, IU and Purdue University founded PPM in 2005.

Tony Armstrong, president and CEO of IU Research and Technology Corporation, said he has had the privilege of working with PPM.

“All of us at IU are so proud of these accomplishments today,” Armstrong said.

“Through the hard work and dedication of all the folks at PPM, both in their labs and in the offices, this team has created a company that we believe has potential for future growth.”

Bloomington Mayor Mark Kruzan said he could not be happier the company is expanding in Bloomington.

“This project moving forward is creating opportunity,” Kruzan said. “It’s about a home-grown company creating good paying jobs. It’s good economic news precisely at the time we need good economic news.” 

Brian Kleber, chief operating officer of PPM, remembered the humble beginnings of the company and its original funding made possible by IU and a Lilly grant. PPM now employs 15 and will add 75 more high-paying jobs, Kleber said.

“All of these people will have degrees, at least a bachelor’s, most likely a master’s,” he said. “I don’t think it’s coincidental that Indiana is beginning to lead in economic development. We have strived to do what’s best for the community instead of what might have been fastest and easiest.” 

Daniels said these are the types of jobs at which IU graduates and other Indiana institution graduates could work.

“They will have the chance to live in the state they love or the state they came to from somewhere else because they realize what a fantastic place Bloomington is and the opportunity IU presents,” Daniels said.

The site’s costs are able to be lessened by $1.5 million in tax credits provided by the Indiana Economic Development Corporation and other local incentives by the city of Bloomington through the Community Revitalization Enhancement District.