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A startup pharmaceutical company announced it will open in Charlotte and hire 200 workers in sales and other office positions. KenCord Bio Therapeutics received funding through the Immigrant Investor Program, which allows foreign investors the opportunity to receive U.S. visas in exchange for investments of $1 million or more in U.S. businesses.
The math doesn’t add up. $15 million to cold start a pharmaceutical manufacturing and sales company? Hire 200 people? I don’t think so.
"We specifically target FDA registered and FDA approved products that are under promoted, under marketed so we can give them a boost and bring something valuable to patients” …this sure sounds like a losing strategy.
Predicting this one will die off just like the N.C. Research Campus.
Kept this one on my radar as I am in the pharmaceutical industry, and actually reached out to the company principal back in October 2013 regarding the anticipated job opportunities. I submitted my credentials as directed, and never heard back.
I was able to find a bare bones web site for the company that is "under development". That whole "Immigrant Investor Program" looked like a red flag from the beginning. Appears to be a way for foreigners to obtain a green card by the following method:
...The EB-5 visa provides a method of obtaining a green card for foreign nationals who invest money in the United States. To obtain the visa, individuals must invest $1,000,000 (or at least $500,000 in a "Targeted Employment Area" - high unemployment or rural area), creating or preserving at least 10 jobs for U.S. workers excluding the investor and their immediate family..."
I wish the Charlotte Chamber of Commerce would be more diligent in their reporting and follow up on the progress of these phantom startups.
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