Zooming in
The $1 million performance-based incentive comes after the Sugar Land-based business purchased a permanent building in the city at 16700 Creek Bend Drive, per the release. The company will invest $2 million into improving the building and create 15 new jobs, averaging a $61,240 salary, in the next five years.
The incentive—distributed $200,000 annually over five years—will be provided through the Sugar Land Office of Economic Development & Tourism, according to the release.
“Hope Biosciences is a homegrown success story and a key example of how life science companies can thrive in Sugar Land,” Jennifer Alexander, Sugar Land business development manager, said in the release. “This incentive marks the first granted to a life sciences company and signals our commitment to supporting this sector, which is critical to our city’s economic future.”
Diving in deeper
Hope Biosciences develops therapies using stem cells from a patient’s own body to regenerate or repair damaged tissues and treat conditions such as neurodegenerative and autoimmune diseases. It is the only company in the United States to offer clinical-grade stem cell banking for adults and newborns, per the release.
According to the release, the company—which partners with regional and national institutions and provides direct-to-consumer stem cell banking services—is advancing clinical trials for diseases including:
- Multiple sclerosis
- Lupus
- Traumatic brain injury
