A newly-formed medical technology company has moved its headquarters to Chattanooga and is expected to launch its first two products later this year.
Glenveigh Medical, a science and technology company focused on advancing the practice of obstetrics, moved from Durham, N.C., to the 401 Building downtown early this year.
"We were really a virtual company for a number of years," said Rick Proctor, the company's president and chief executive. "The plan was always to move the company to Chattanooga and build the business here."
Mr. Proctor said many of the initial investors live in the Chattanooga area, and Dr. Dave Adair, who founded the company with Mr. Proctor in 2004, is a physician at Erlanger Medical Center.
"Advancing obstetrics is our goal," Dr. Adair said. "Our products may help a patient in suburban Seattle or rural Africa. We aim to increase the quality of life for both mom and baby through the products we bring to market."
Mr. Proctor said Glenveigh will market two products later this year.
"That will give us a national footprint in the U.S.," he said. "Ultimately we intend to sell these products worldwide."
Glenveigh also has three additional products in the pipeline, two of which will likely go to market next year, and another is expected to launch in 2011, Mr. Proctor said.
"Within five years, we hope to do $100 million in the U.S.," he said. "We think that is very achievable."
Glenveigh has just five employees, but Mr. Proctor said a sixth will be added soon. Within the next year, he said Glenveigh will likely have about 10 or 12 full-time employees.
There currently are about 30 employees working on Glenveigh products, but the majority of those are contract workers.
Glenveigh has partnered with Norgenix Pharmaceuticals to market its products. Mr. Proctor said about 50 Norgenix sales reps will begin pushing the products to U.S. hospitals this fall.
Mr. Proctor said the Scenic City is a perfect fit for the medical research and technology company.
"I like the idea of Chattanooga because our company really stands out here," he said. "I think that will really be an advantage for us."
Mr. Proctor said other factors, such as the scenic beauty, quality of life, lack of a state income tax and abundance of recreational activities, also add to the city's appeal.
"We are very excited to be here," he said.