Medical Tech Firm Relocating HQ to Boca Raton, Receives City Grant

Research Park, Boca Raton, FL. (Photo: Boca Daily News)

A medical tech firm that is specializing in innovations for wound care has decided to relocate its headquarters to Boca Raton, taking advantage of a grant incentive from the city. The company, BioStem, had been debating whether to move to Boca Raton or a number of other cities, ranging from sites in Tennessee to Massachusetts to North Carolina’s “research triangle” region.

According to a memorandum from city staff, the attraction of the international headquarters of BioStem Technologies, Inc. in the city will result in the creation of 100 new jobs over the next five years. The average annual salary for the jobs created by BioStem will be $81,000, the company said, and cannot fall below $81,000 during the retention period in order to qualify for the $300,000 grant. The figure represents $3,000 for every job added.

“Any time that we can have jobs here, we thank you for making Boca Raton your home,” said Councilwoman Yvette Drucker told BioStem representatives. “I know you were picking between two cities.”

The company is planning to purchase a 4-acre parcel of land in the Research Park area and locate its headquarters there. The building will be a “state of the art” newly-constructed facility.

According to the company’s website, BioStem is a leading “regenerative medicine company focused on the development, manufacture, and commercialization of placental-derived allografts for advanced wound care.” They focus on “maintaining natural growth factors and preserving tissue structure.”