BioFire Diagnostics--formerly Idaho Technology--is using a $25 million tax credit from the state of Utah to expand its operations there, planning to add up to 657 jobs.
The 22-year-old company announced its name change in August, and BioFire markets the FilmArray pathogen-detection platform, boasting 20 assays for the technology. The Salt Lake City-based firm is also developing tests for blood-culture pathogens, gastrointestinal infections and meningitis.
The $25 million credit comes courtesy of Governor's Office of Economic Development, and BioFire CEO Kirk Ririe said the company is excited to expand and further strengthen the Utah life sciences industry. "We've worked hard to establish ourselves as a leader in the clinical diagnostics industry and have benefited from the strong life sciences talent pool in Utah," Ririe told Utah Pulse.
BioFire's expansion comes as diagnostics firms have posted big growth and expanded their operations. Devicemakers are cutting costs and payroll left and right, but the diagnostics world has been on the up-and-up, with major players, like Roche Diagnostics ($RHHBY), and smaller outfits, like CardioDx, pulling in big sales and fundraising hauls.
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