NEDC is giving IMMY a $770,000 discount as an incentive, resulting in a “net purchase price of $1.15 million.”
Under the agreement, IMMY will be obligated to begin construction of a 60,000-square-foot building within 18 months and complete construction within 36 months.
IMMY will invest about $12.5 million in additional capital with the project. If the company’s business plan moves forward as expected, it could purchase an additional lot for future expansion. IMMY expects to add at least 50 new jobs over the next 10 years at annual salaries of at least $50,000 annually plus benefits.
IMMY has partnered with the Centers for Disease Control, the Mayo Clinic and big reference labs such as ARUP Laboratories to create badly needed medical tests and related products.
Founded in 1979 by Stan Bauman, IMMY developed, manufactured and marketed immunodiffusion, complement fixation and latex agglutination tests for diseases too small to catch the eye of large companies.
“All of these tests are esoteric tests — none of the big companies look at markets less than $25 million,” COO Scott Bauman said.
Scott Bauman and his brother, Sean Bauman, bought the family company from their father in 2002. While the profit margin on some of the original tests isn’t large, the company continues to manufacture those products because if IMMY didn’t make them, no one would.
The Bauman brothers are humanitarians who have traveled to some of the nations where their products have the most impact, even adopting children from Third World nations.
The brothers and their staff take pride in making products that save lives, Scott Bauman said.
IMMY is a high-end employer, bringing in a number of jobs for Ph.D.s, chemical engineers and microbiologists. The company works closely with the University of Oklahoma to recruit talent.
It is also working to establish a relationship with the Moore Norman Technology Center as the numbers of mid-range salary jobs grow with the company.