A fast-growing health care company in Lafayette announced this morning it will add 40 jobs and invest $1.5 million in its corporate headquarters and manufacturing facility.
Tides Medical, which specializes in treating chronic or difficult-to-heal wounds, made the announcement with state and local officials and the Louisiana Economic Development office that will include jobs at an average salary of $57,790, Gov. John Bel Edwards’ office announced.
The expansion will create dozens of indirect jobs, LED officials said. It will also add to the growing number of health care-related jobs in the Lafayette area.
“Louisiana is proud to have Tides Medical as a part of the state’s vibrant and expanding life science sector,” said Gov. John Bel Edwards. “My administration is committed to growing and diversifying our economy through industries like biotechnology, and this is another milestone in our work. This expansion will allow Tides Medical to expand its mission to provide safe, effective treatments that improve health outcomes around the country while also creating good-paying jobs in Acadiana.”
The company, which employs 77, has a corporate office at 1819 W. Pinhoook Road and a manufacturing office at 605 Kaliste Saloom Road. Construction on the expansion began in summer 2022 and the company estimates the project will be complete by the end of this year.
Founded in 2010, Tides Medical manufactures a number of versatile skin grafts derived from donated birth tissue to treat a variety of medical conditions, including diabetic foot ulcers, chronic wounds, burns, Mohs surgery and various surgical applications.
“We believe that Louisiana biotech companies like Tides Medical play an important role in saving limbs and lives through the development and manufacturing of advanced treatments like our Artacent products for chronic wounds,” Tides Medical CEO Joe Spell said. “As our population ages, we must invest in solutions that will prevent negative outcomes for patients with chronic wounds, including millions that receive no advanced wound care treatment today. We can do that here in Louisiana by creating quality jobs and funding innovative research and development.”
To secure the project in Lafayette, the state offered Tides Medical a competitive incentives package that includes a $200,000 performance-based grant for reimbursement of equipment expenditures, contingent upon the meeting of employment and payroll targets. The company is also expected to participate in the state’s Industrial Tax Exemption and Quality Jobs programs.
“We are thrilled to share the news of Tides Medical’s manufacturing facility and headquarters expansion,” said Mandi Mitchell, president and CEO of the Lafayette Economic Development Authority. “Since establishing in Lafayette in 2009, Tides has been an innovator in the biotechnology field serving clients across the U.S. I applaud CEO Joe Spell for choosing to grow this company right here at home, and I look forward to seeing Tides Medical continue its growth in Lafayette.”