NORMAN — Immuno Mycologics Inc., or IMMY, is a locally owned business with a global market — an ideal economic model. It has found that having a big enough heart to develop tests for the world’s most neglected diseases also can be good business.
The perfect model of home-grown entrepreneurship is to create products that will sell to a broad market, thus bringing outside money back to the local economy.
Seventy percent of IMMY’s income is domestic for all of its products, but less than 1 percent is from Oklahoma, meaning the company is bringing money back to the state and Norman.
But IMMY isn’t just about making money, said its owners. The little company with a big heart is also about saving lives. IMMY develops diagnostics and other tools for treating neglected diseases that take hundreds of thousands of lives each year.
IMMY manufactures 60 different scientific and medical tests, many of which are not available through any other market. One test developed by IMMY could help diagnose and prevent 620,000 deaths annually.
Since IMMY needs to expand soon, the company looked at several potential sites, and the Norman Economic Development Coalition worked hard to keep the local company in Norman.
If the city council approves the contract tonight, IMMY will be the first tenant in the Advanced Manufacturing Center in the industrial business park being developed as part of the University North Park on 24th Avenue Northwest.
“This is why NEDC exists — to help company’s like this grow and prosper,” NEDC Executive Director Don Wood said.
Located north of the retail center and Embassy Suites Norman, the manufacturing center is being built on 60 acres of land purchased from the developer by NEDC. IMMY wants to buy one lot in the manufacturing center for $1.92 million.
This initial lot sale will kick off the project and help solidify the funding of the loan for the entire project’s infrastructure, according to city staff reports.