Mayor Thomas M. Menino today announced that three biotech companies – Cogito Health Inc., Paratek Pharmaceuticals and Soadco – are relocating their operations to Boston with the assistance of the City’s LifeTech initiative. Cogito Health Inc. is eager to move their operations to Boston from Cambridge, MA and is in the process of finalizing an agreement for their new space. Cogito will also bring with them their affiliate company Dimagi. Paratek Pharmaceuticals will be relocating to the City’s Marine Industrial Park in South Boston and has signed a lease for space at One Harbor Center. And on the heels of BIO 2008, Soadco, an international dental implants manufacturer, has just announced that they have purchased office space on Commonwealth Avenue to use as their U.S. headquarters.

“The City of Boston continues to be an attractive place for biotechnology and life sciences companies to locate,” Mayor Menino said. “I’m excited that Paratek, Cogito and Soadco realized that Boston is the best place for their companies. Through our LifeTech program, we continue to reach out to companies to let them know about all that we have to offer. We’re eager to attract more companies like these because they offer a variety of level of jobs, many of which are entry-level with the opportunity to advance with training.”

Together, the companies employ 94 people and expect to hire up to 200 additional employees as a result of their relocation efforts. All three companies are receiving support from LifeTech Boston – Cogito has been approved for a loan from the LifeTech Finance Committee; Paratek received site assistance and a tax-exempt empowerment zone bond from Boston Connects, Inc.; and Soadco is working with LifeTech staff to locate additional space for a manufacturing facility.

“I’m proud of the work that the BRA staff has done to support the Mayor’s LifeTech initiative,” said John F. Palmieri, Director of the BRA. “He continues to set a high bar when it comes to marketing our great city. I’m confident that today’s announcement will lead to others like it in the near future.”

Paratek Pharmaceuticals received a $14 million tax-exempt empowerment zone bond from Boston Connects Inc. in order to complete the necessary renovations at their new 63,000 square foot facility at One Harbor Street in the Marine Industrial Park, which they are leasing from Cargo Ventures. Paratek employs 61 full-time employees, and with this relocation expects to employ an additional 50 people over the next two years. An average of 10% of their workforce has a high school diploma.

“The Boston Connects Board is pleased to be able to support such an important project on the Waterfront section of the Empowerment Zone,” said Shirley Carrington, Interim Executive Director of BCI. “We are excited about the quality of jobs that Paratek will create for residents of Boston's Empowerment Zone.”

Paratek Pharmaceuticals is a private biopharmaceuticals company that is engaged in the discovery and commercialization of new therapeutics that treat serious and life-threatening infectious diseases. Paratek’s mission is to develop new antibiotic and anti-infective products that address the major worldwide problem of bacterial resistance and to pursue additional promising applications of the Company’s technology into other disease areas such as inflammation. Paratek is preparing for Phase III clinical trials with its lead compound, PTK 0796, a broad spectrum antibiotic derived from the tetracycline class with oral and IV formulations that is being developed for the treatment of the most common and serious hospital bacterial infections, including those caused by resistant strains such as MRSA (methicillin-resistant Staphylococcus aureus) and MDRSP (multi-drug resistant Streptococcus pneumoniae).

“We are pleased we could remain within the City of Boston and continue our work in developing new antibiotics to deal with the problem of antibiotic resistance,” said Thomas Bigger, President and CEO of Paratek. “The support Boston Connects and the city administration provided played an important role in our decision to stay within Boston.”

Cogito Health Inc. is in the process of securing approximately 3,000 square feet of space in Boston after being approved for a loan from the LifeTech Finance Committee. Cogito, together with their affiliate company Dimagi, which has international development projects in seven countries for health and education and conducts research in Boston with National Institutes of Health grant support, expects to hire an additional 10 employees over the next year. Cogito is a software company that is focused on screening and treatment management for one of the most disabling medical conditions worldwide – depression. Cogito’s founding team includes Joshua Feast, Chief Executive Officer; Dr. Vikram Kumar, Chief Medical Officer; Jonathan Jackson, Chief Technology Officer; Professor Alex Pentland, Chief Scientific Advisory; and Dr. Carl Marci, Scientific Advisor.

Soadco, a dental implants manufacturer, met with City and State officials while at the BIO 2008 conference in San Diego. The company, which is based in Andorra, has just purchased 3,500 square feet of space at 160 Commonwealth Avenue for their U.S. headquarters. They will employ 10 people from this location. Soadco is now working with LifeTech staff to find space for a world-class manufacturing facility that could employ up to 140 people over the next three years.

About LifeTech Boston

LifeTech Boston, launched by Mayor Menino in 2004 and managed by the Boston Redevelopment Authority, offers assistance and business tools to attract, maintain, support, and enhance companies involved in biotechnology, pharmaceuticals, medical devices and other related industries. LifeTech Boston includes a finance program that supports these companies with low-interest loans.

About Boston Connects

Boston Connects, Inc. (BCI) is a non-profit organization charged with the responsibility of administration of the federally designated Empowerment Zone (EZ) for distressed communities. BCI, in partnership with the City of Boston, local, regional and national entities, works to implement an array of community and economic development initiatives. Under the leadership of a 24-member governing board, BCI has been successful in linking many of the City's residents of the Empowerment Zone and neighborhoods with new economic opportunity-through job creation, daycare, skills training, alternative education or ESL.

Press Contact: Jessica Shumaker, 617.918.4446.

Release Date: July 10, 2008

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Release Date: July 10, 2008