Portal Diabetes Inc., a medical technology company, announced plans on Monday to relocate its headquarters to Westfield from Southern California.
As part of its relocation, the company is also announcing a name change from PhysioLogic Devices, Inc. and its technology called ThinPump to Portal Diabetes Inc. and the Portal Pump, respectively.
Founded in 2013, Portal is developing a fully automatic, implantable insulin pump to control glucose levels. Its Portal Pump technology will be the first fully automated insulin delivery system that can store up to 12 weeks of insulin through an artificial pancreas.
Willis
“We are thrilled that Portal has chosen to relocate their headquarters to Westfield,” Westfield Mayor Scott Willis said. “They are on the cutting edge of transforming the lives of diabetics across the globe and will make a great corporate partner in our community. Their capital investment and high paying jobs align perfectly with my long-term vision of creating a high technology manufacturing center in Westfield with an emphasis in the biotechnology and healthcare space.”
The company will employ up to 35 full-time employees with an average annual salary of $135,265. The company’s employees will relocate to Westfield by the end of October 2024. Based on the company’s plans, the Indiana Economic Development Corporation (IEDC) committed an investment in Portal of up to $925,000 in the form of incentive-based tax credits.
Chambliss
“Having completed a national search of locations for Portal, we chose Westfield, Indiana as a thriving community with a favorable business environment and access to strong life science talent,” Portal CEO Stacy Chambliss said. “Adding its rich history in insulin manufacturing, we are glad to make Indiana our new home.”
Lathrop
“Indiana’s life sciences ecosystem continues to grow and prove that we offer the perfect environment for exploration, experimentation and innovation,” IEDC Chief Strategy Office Ann Lathrop said. “Indiana has proven it’s one of the nation’s top locations for life science businesses of every kind. I’m thrilled to see Portal relocate to Indiana and I look forward to the impact they make on the state and its life sciences sector.”
The company will lease 18,000 square feet of existing space located on Southpark Drive with a total capital investment of $4.07 million. The Westfield City Council will consider a personal property abatement, which was introduced at the Sept. 23 council meeting.