Biotech upstart establishes US HQ in downtown Tampa
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 21, 2022

A biotech startup has established its U.S. headquarters in downtown Tampa.

NuMedTechs is focused on "diagnostic abilities and treatment process associated with diagnosing respiratory conditions caused by particulate matter in the air due to climate change, development of a tuberculosis derivative, and diagnostic capacity to diseases of other organs, particularly pulmonary embolism and chronic thromboembolic pulmonary hypertension," according to the Tampa Bay Economic Development Council, which announced the news Monday.

The company has chosen an initial location in Rivergate Tower's Quest Workspaces, a coworking space where it plans to create 12 new jobs by the end of 2023 — seven executive-level staff and five support staff including nuclear technicians, nuclear specialists and research and development support staff.

The Econophy Group LLC, a private equity firm based in the Naples area, will be the majority stakeholder in the newly formed NuMedTechs. Econophy founder and CEO M. Damian Billy told the Tampa Bay Business Journal on Monday that his firm is buying a company that owns the proprietary diagnostic technology and will form NuMedTechs as a result of that merger.

While NuMedTechs' initial location is small, it has larger real estate ambitions: Eventually, the company will look to purchase permanent laboratory and office space, Billy said.

Billy said the firm sees opportunity to work with the Florida High Tech Corridor, a nonprofit economic development initiative spearheaded by the University of South Florida, the University of Florida and the University of Central Florida in Orlando.

"We're looking to make Tampa our home, but at the same time integrate ourselves with research and development efforts going forward," he said. "That has to be mapped out, as to the capabilities at the various universities, but we’re more than willing to look at the opportunity."

The EDC touted the deal as another win for Tampa's fledgling life sciences sector.

“NuMedTechs is an excellent addition to our thriving life sciences and biotech ecosystem,” James Nozar, chairman of the Tampa Bay EDC, said in a statement. “We’re thrilled NuMedTechs has chosen to establish its U.S. operations in Tampa and conduct lifesaving research and development here. We look forward to providing continued support as the company sets up its operations.”