Huge news on the local job/economic development front. Here’s the press release:
In conjunction with the Buncombe County Commission and the Economic Development Coalition for Asheville-Buncombe County (EDC), Avadim Technologies, Inc. announced an expansion that will create 551 new jobs and $25,400,000 in capital investment over the next five years. Additionally, the company will be building a new corporate headquarters in Black Mountain Commerce Park.
Addressing gaps in global health such as infection, neuromuscular disorders, and wound care, Avadim is a Buncombe County-based life sciences company that launched in 2007. It placed #234 on the Inc. 500 elite list of America’s fastest growing companies in 2016 with a 1,675 percent increase in revenue over three years.
These 551 new jobs represent the single largest job creation announcement in Buncombe County’s known history. Currently employing about 100 people, Avadim will become one of the metro area’s largest employers when its expansion is completed in 2020.
Avadim’s new corporate headquarters will include office space, research and development, manufacturing, and distribution. The expansion will enable increased production and sales of the company’s innovative topical therapy products, including Theraworx and [pH]UEL 5.0.
Theraworx is clinically proven to help control hospital-acquired infections while restoring the skin’s natural defenses. Avadim has garnered international attention for its patented Theraworx product, which is utilized in medical facilities run by the Veteran’s Administration and Department of Defense. [pH]uel 5.0 is used by professional athletes and the U.S. men’s and women’s soccer team to optimize muscle health, and it supports therapeutic recovery for tightness, cramping, and decreased range of motion.
Avadim will invest $25,400,000 in its new facility to be built in the Black Mountain Commerce Park near I-40. The company’s expansion aligns with the EDC’s AVL 5×5: Vision 2020 plan to attract high-growth employers in life sciences, technology, and advanced manufacturing. Avadim’s new headquarters in Black Mountain Commerce Park will catalyze access and utility improvements to serve future employers in eastern Buncombe County.
Avadim’s Chairman and CEO, Stephen Woody, stated, “As a lifelong resident of Buncombe County, it was important to me that our business expansion happen right at home. Avadim will not only contribute to the health and well-being of individuals by addressing gaps in global health, including infection, neuromuscular disorders and wound care, but also this expansion will contribute to our economy by continuing to cultivate a vibrant life sciences sector and spur jobs in Western North Carolina.”
“This expansion highlights the extraordinary entrepreneurial talent in our community. Company founder Steve Woody is a champion of WNC and as a business leader has always created high quality jobs in his hometown. Today we celebrate the creation of a world-class headquarters building, hundreds of excellent careers for our citizens, and the first tenant in Black Mountain Commerce Park. This is a great day in Buncombe County,” said David Gantt, Chairman of the Buncombe County Board of Commissioners.
“Avadim’s rapid expansion is a huge win in the continued growth of Buncombe County’s biotech and life sciences industry as it pioneers new medical technologies to serve national and international markets. The EDC is thrilled for Avadim to become a major employer in our community,” said Taylor Foss, EDC Chair and SVP, Organizational Transformation at Mission Health. “It joins the ranks of other high-growth, local companies creating career-ladder employment opportunities for our next generation.”
Here are a few press releases from the past couple of years. They help mark the steady growth that led to Wednesday’s announcement:
-From February 2015: Avadim Technologies, Inc. (“Avadim”) announced today that it has entered into a Definitive Agreement to purchase certain assets of G-3 Medical, Inc. (dba G-3 Packaging) (“G-3”). The assets being purchased includes, but is not limited to, certain contracts, intellectual property, machinery and equipment, inventory and receivables.
Announcing the new agreement, David Fann, President of Avadim, said, “We are pleased to bring this accretive acquisition of a medical manufacturing and packaging company to the Company. This transaction brings immediate positive cash flow to the company and is projected to add approximately $1.6 million to sales in 2015, $2.5 million in 2016 and $3.6 million in 2017. In addition, this asset purchase will broaden our manufacturing capabilities by opening up new markets, including medical kit packaging, and facilitate our manufacturing efficiencies and more importantly brings ISO 13485 certification to the company. The ability to expand into the medical kit business is especially exciting as the company launches its “Combat One” products into the Department of Defense (DOD) with its partner ADS, a prime vendor for the DOD.
-From December 2014: Avadim Technologies, Inc. announced today its patented Theraworx Technology will be available to Veteran’s Administration and Department of Defense facilities through the Federal Supply Systems (FSS) contract with distribution partner, ADS, Inc.
Avadim’s patented Theraworx product and patent-pending protocols have demonstrated a proven ability to help hospitals control hospital-acquired conditions. The unique Theraworx formula helps preserve the body’s natural skin function, by preventing dry skin and helping to maintain the natural acidic, anti-microbial nature of the skin’s outermost layer.
-From October 2014: Avadim Technologies, Inc. (“Avadim”), today announced unaudited revenue results for its fiscal 2014 third quarter ended September 30, 2014. The company posted quarterly revenue of $307,477.01, up 335% from last year’s third quarter revenue of $70,684.65. Avadim’s third quarter revenue results show a 42% increase over the second quarter of 2014 of $216.205.86. In addition, revenue from January 1, 2014 through September 30, 2014 was posted as $766,300.33, up 462% compared to the same period in 2013 of $136,298.02.
The company also completed a Private Placement Offering of $2,000,000. The offering was oversubscribed to a total of $3,400,000. The Company intends to use the net proceeds of the Offering to increase its manufacturing capacity to approximately $60,000,000 per year, advance its sales and marketing efforts, and for general corporate and working capital purposes.
-From August 2014: Avadim Technologies, Inc., based in Asheville, NC, has signed a contract with ADS, the world’s premier support solutions specialist to the military. The contract will open the door to Avadim’s Theraworx™ product line to be used by the United States Military.
Theraworx™ products will be able to assist the U.S. Army, Navy, Air Force, and Marines in skin, wound and infection care. Three products in the skin care line include a non-rinse spray, foam and bathing wipes, allowing the military to use in places like first aid kits, medical kits and military hospitals and clinics.
This announcement comes on the heels of a consecutive 1st and 2nd quarter growth of 700% for the 2014 fiscal year, compared to the same time period in 2013.