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8.7.25 · Kentucky Business News

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Speaker 1: Hello to day. I'll be reading from business sources in
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Lexington and Louisville, including The Lane Report and others from
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around the Commonwealth. Your reader to day is Julia Shane.
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As a reminder, Radio I is a reading service intended
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for people who are blind or who have other disabilities
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that make it difficult to read printed material. Our first
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article comes from the August fifth, twenty twenty five, edition
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of The Lane Report and is titled u S World
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Meds acquires Adaptimmune Cell Therapy for fifty five million dollars.
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U S World Meds u s w M reported the
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successful closing of the previously announced acquisition of Adaptimmune Therapeutics
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p LC's adapti imune cell therapy assets, including to cell,
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rough Let's sell A, famiy cell, and uza Cell. The
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acquisition was first announced on July twenty eighth, twenty twenty five,
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and has now been finalized. US World Meds is a
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pharmaceutical company focused on rare and specialty treatments. Its portfolio
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includes approved therapies for rare diseases and bleeding disorders. This
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acquisition expands into oncology and cell therapy under the terms
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of the asset purchase agreement. USWM paid fifty five million
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dollars in cash at closing and will fund up to
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an additional thirty million dollars in performance based milestone payments
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tied to commercial and regulatory outcomes. Adapt Immune has retained
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rights to its pre clinical programs, including PRAME and CD
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seventy directed T cell therapies and its allergenic pipeline. The
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key highlights were patient Care Community to Sell Well will
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remain available to patients without interruption now under us WM's
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stewardship future Development. USWM plans to bring sell to the
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US market with potential regulatory approval anticipated in twenty twenty six,
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and will continue development of use a cell in collaboration
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with Galapagos employee transition. Approximately half of adapt Immune's US
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based workforce is being offered roles at USWM to support commercialization, production,
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and ongoing development of the acquired assets. Transition support. Adapt
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Immune is providing transition services through June of twenty twenty
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six to ensure operational continuity. To Celera is a T
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cell immunotherapy used to treat synovial sarcoma, a rare type
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of soft tissue cancer that develops in the soft tissues
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of the body such as muscles, tendons, and ligaments, used
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when other kinds of treatments do not work. To CELERA
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is different from other cancer medicines because it is made
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from the patient's own white blood cells that are made
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to recognize and attack cancer cells. Let's sell a family
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cell and use a cell are engineered TCRT cell therapies
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being investigated for the treatment of synobial sarcoma. Brec Jones,
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CEO of US World Meds, said, with the transaction now complete,
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we are excited to officially welcome adapt Imune's programs and
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people into our organization. We are committed to building on
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the strong foundation Adaptomune has established in advancing these therapies
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to bring lasting impact to patients with high unmet needs. T. D.
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Cowen acted as financial advisor, and Ropes and Gray LLP
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provided legal council to adapt Immune. Gibson, Dunn and Crutcher
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LLP provided legal council to US World Meds. The transaction
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was financed by debt financing led by funds managed by
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oak Tree Capital Management LP, with participation from funds managed
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by Rithium Capital Management LP. The next article from the
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Lane report is titled Nearly eight point five million dollars
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approved to develop Kentucky Sites in buildings projects are part
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of the latest round of the Kentucky Product Development Initiative.
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Of twenty twenty four, Governor Andy Basheer announced nearly eight
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point five million dollars in state funding to support site
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and building development projects in Laurel, Madison, Monroe, Pendleton, Russell
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and Scott Counties, as well as a regional project in
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Muhlenberg County with support from Davies, Hopkins, McLean and Ohio Counties.
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This latest round of funding has been a tremendous success
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and clearly shows Kentucky's commitment to job growth through site
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and building development, said Governor Andy Basheer. Our site development
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and speed to market initiatives are crucial to the Commonwealth's
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long term success and attracting quality companies to locate in
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our communities, bringing with them exciting new job opportunities. I
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am proud to see these projects moving forward and look
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forward to seeing the business they attract. The Kentucky Product
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Development Initiative, or KPDI, provides funding for local communities to
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boost investment in site and building upgrades to support future
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well paying jobs and economic growth across Kentucky. The Laurel
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County Fiscal Court, on behalf of the London Laurel County
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Economic Development Authority, is continuing the development of the McDaniel
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Industrial Park by extending utilities including gas, water, electric, sewer,
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and fiber to the site. The London Laurel County Economic
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Development Authority is providing a twenty percent match to the
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KPDI funding. The City of Richmond is acquiring a proximately
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one hundred ninety acres in the heart of Madison County
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adjacent to the existing Richmond Industrial Park South three. The
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zoning will be changed to industrial, making the land able
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to be developed quickly using the existing road networks and
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utility infrastructure already in place in the industrial park. The
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new site will be called Richmond Industrial Park South four.
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The Monroe County Fiscal Court, in partnership with the Monroe
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County Industrial Development Authority, is conducting due diligence on a
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site on Kentucky Highway one sixty three to determine suitability
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for a new industrial park. The Pendleton County Industrial Development
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Authority is planning critical due diligence work needed to advance
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the Pendleton County Commerce Park, including site mapping, environmental studies,
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and other assessments necessary to move toward build ready status.
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The Brussell County fyscal Court on behalf of the Brussell
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County Industrial Development Authority is completing due diligence studies on
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the retrac's property. The studies will determine the feasibility of
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the site and decide whether it should be acquired as
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an expansion to the Lake Cumberland Regional Industrial Park. The
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Scott County Fiscal Court on behalf of the City of
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Georgetown is developing the remaining acreage at the Lanes Run
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Business Park. The work will include interior roadway, utility and
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regional drainage extensions, as well as site grading in order
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to broaden client diversification and create larger sites within the park.
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The Muhlenberg County Fiscal Court and Paradise Park Regional Industrial
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Development Authority, with support from Davies, Hopkins, McLean, Muhlenberg and
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Ohio Counties, is developing a twenty five acre site and
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building at the Paradise Regional Business Park to accommodate future
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growth and create new jobs for the area. Currently thirty
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five million dollars is available for projects entering the due
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diligence stage in the latest round of KPDI. The projects
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have been reviewed by a third party, independent site selection consultant,
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which evaluated, scored, and submitted project recommendations to the Cabinet
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for Economic Development. The Cabinet will consider each project and
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complete the final stage of due diligence for a recommendation
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of funding approval by the Kentucky Economic Development Finance Authority
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in the coming months. Projects across twenty five counties are
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moving on to the due diligence stage, and the projects
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announced today are the second round of approvals the two
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rounds of the previous iteration of the initiative. The KPDI
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program of twenty twenty two concluded earlier this year with
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ninety projects statewide approved for over eighty five million dollars
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in funding, including local contributions. These projects are generating over
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five hundred twelve million dollars in investments in Kentucky sites
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and building's portfolio. The initiative is a collaboration between the
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Cabinet for Economic Development and the Kentucky Association for Economic
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Development KAED. It provides state support for potential upgrades to
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sites and buildings across the commonwealth to ensure Kentucky remains
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a prime location for growing companies across the industry sectors.
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Terry Bradshaw, President and CEO of KAED mentioned the overall
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purpose of the program. The goal of KPDI is to
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ensure Kentucky continues to have the necessary tools to compete
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and win for economic development projects on the national stage.
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These funds position our local developers to stand out among
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other competitors and is vital to our long term economic
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development strategy. KPDI is already proving to be transformative for
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Kentucky's economy. I look forward to continuing to watch it
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work for our state and to see how it supports
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these communities. To date, Governor Vasher and the Kentucky General
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Assembly have approved up to one hundred seventy million dollars
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in funding for the initiative. Site and building development projects
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are first evaluated by an independent consultant based upon all
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facts a prospective company would consider, from workforce availability, access
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to all infrastructure, and detailed information on costs associated with development.
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In turn, these projects will generate increased economic development opportunities
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and job creation for Kentucky residents. The initiative furthers the
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effort of the Pilot PDI program, which was established in
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twenty nineteen and provided nearly seven million dollars in state
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funding for twenty site development projects statewide. Companies have announced
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economic development projects at ten of the locations funded during
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the Pilot PDI program, projecting four billion dollars of capital
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investment and thirty five hundred new full time jobs. The
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next article from the Wayne Report is titled Bellarman Launch's
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Dual Credit Institute to strengthen high school partnerships expand access
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to college learning. Bellarman University has officially launched its Dual
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Credit Institute, a new school based partnership initiative aimed at
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expanding access to high quality, college level learning experiences for
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high school students across Louisville and beyond. The institute builds
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on Bellarman's twenty year history of dual credit instruction and
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bolsters Bellerman's role as a partner for workforce development and
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academic readiness. For its inaugural year, the Dual Credit Institute
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has established partnerships with several Jefferson County Public schools jcps
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and Archdiocese of Louisville high schools including Ballard, Butler, DAWs,
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Eastern Mail, Wagoner Assumption, Mercy Presentation Academy, and Holy Cross.
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This is in addition to a partnership established with Eminence
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High School in twenty twelve. These partnerships offer students the
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opportunity to earn college credit in both general education and
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career connected fields including theology, biology, criminal justice, and education,
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through rigorous college aligned instruction delivered on location at their
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own high schools. We are proud to offer a dual
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credit experience that reflects the depth and excellence of a
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Bellarman education, said doctor mar Wigland, Bellerman's Vice president for
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Academic Affairs and Provosts. This initiative was built in close
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collaboration with our faculty and school partners to ensure we
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are supporting students, elevating teaching, helping more young people see
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college as a part of their future, and in many instances,
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accelerating students pathways to meaningful careers and service. Bellerman's Dual
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Credit Institute is structured around school level partnerships that empower
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high school educators and administrators. Courses are taught either by
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credential high School faculty, Bellarman instructors, or through team teaching
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models that blend the two, all supported by structured mentorship
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and professional development from Bellarman faculty. Teachers participate in ongoing
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workshops and academic planning sessions with curriculum materials grounded in
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Bellarman's Liberal Arts tradition and tailored to meet Kentucky's academic standards.
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One of the cornerstone offerings for twenty twenty five twenty
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twenty six is a four course teaching and learning pathway
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developed by Bellerman's Annsley Fraser Thornton School of Education. The
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pathway prepares students interested in becoming future educators. Other new
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offerings range from theology and history to pre health sciences
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and stem fields, supporting both liberal arts and career aligned exploration.
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Cassidy Cummings, a dual credit certified teacher at Ballard High School,
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said Ballard's partnership with Bellerman's School of Education is already
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transforming student engagement. We are excited to be a part
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of a flagship dual credit partnership with an elite academic institution,
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said Cummings. Bellerman created meaningful opportunities for students to experience
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college level learning and explore careers in education. Several of
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our students will attend Bellerman this fall because of their
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involvement in the program, and we expect that number to grow.
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In addition to local partnerships, Bellerman is also spanning its
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dual credit reached through immersive experiences. In the summer of
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twenty twenty six, a new collaboration with Seeds of Change
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will allow students from Trinity, Lexington, Catholic and Assumption to
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earn four Bellarman Biology credits during a ten day research
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immersion in Costa Rica. This distinctive opportunity reflects Bellerman's commitment
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to experiential learning and global engagement. The Dual Credit Institute
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is a product of Bellarman's mission to educate students in mind, body,
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and spirit for meaningful lives, rewarding careers, and service to others.
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It also supports the university's strategic goals of access, affordability,
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and enrollment, key drivers behind Bellarman's recent recognition by the
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Carnegie Foundation as an Opportunity College and University Higher Access,
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Higher Earnings. This classification recognizes a select group of five
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institutions nationwide that provide both high levels of college access
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for underserved student populations, and strong earning outcomes for graduates.
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The institute is working to add new high school partners
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and broaden academic pathways in the years ahead. Separate from
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the dual credit program, Bellarman's Lancing School of Nursing and
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Clinical Sciences has launched an innovative Nights to Nurses career
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ready nursing program, enabling high school students to get a
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head start on a Bellarman nursing degree by taking courses
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at Bellerman during their senior year of high school. Admitted
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via a selective application process, the first participants began taking
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classes on campus this July as part of a five
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week summer program and will be back on campus in
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the fall and spring for courses fulfilling general education and
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pre requirements while remaining enrolled at their high schools. The
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program is partly funded by a grant from the Kentucky
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Council on post Secondary Education, with generous scholarship support provided
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by Norton Healthcare to address a critical workforce need. Our
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next article comes from Business Lexington and is titled War
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on Waste, written by Tansy merrit As the environmental impacts
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of plastic waste have become better known in recent years.
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Finding ways to mitigate that waste has increasingly been a
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topic of conversation and concern. Microplastics, small plastic fragments that
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result from the manufacturing process or the breakdown of larger
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plastic items like bags and bottles, have more recently been
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discovered to be present in nearly every ecosystem, harming wildlife
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and disturbing the food chain. Studies of microplastics in the
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human body increasingly demonstrate negative effects on the respiratory, cardiovascular,
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and reproductive systems. To that end, environmental organizations like the
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Sierra Club have taken up the cause of increasing awareness
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and reducing the use of plastics, particularly single use plastics.
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Food services are among the industries that have historically heavily
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relied on single use plastics, like plastic items that are
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meant to be discarded after one use, from plastic straws
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to take out containers. Restaurants make use of this waste
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at a high rate. The Bluegrass Chapter of the Sierra
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Club Zero Waste Team has made a mission out of
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educating and assisting area residents in implementing zero waste practices
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and has especially engaged with local restaurants to urge them
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to discontinue the use of single use plastics. When we
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first got started with this work, we were all worried
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about environmental pollution and the harm to oceans of wildlife,
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said Judith Humble, who heads up Lexington's Zero Waste Team.
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As time has passed, more research is coming out and
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now we are aware of the harm microplastics are causing
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to human health. They are now penetrating just about all
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of the organs and systems in our bodies, including the brain.
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The Zero Waste Group has now enacted two different restaurant campaigns,
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the first in twenty nineteen and the most recent in
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twenty twenty three. We surveyed restaurants about their use of
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single use plastics and provided information on ways to reduce
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their reliance on these products. We also asked about barriers
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to eliminating these products, Humble explained, perhaps unsurprisingly, the organization
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has found the main barrier is cost, with the cost
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differential often coming to two to three times more for
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environmentally friendly products like paper straws or compostable takeout containers.
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But increased costs have stopped some local restaurants from changing
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their practices. While some have made smaller changes like only
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providing plastic straws or utensils with carryout order by request,
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others have made a substantial commitment to sustainability. Humble points
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to Kentucky Native Cafe, the restaurant in beer Garden attached
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to Mickler's florist greenhouses and garden design, as an example
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of a business that has gone above and beyond also
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attempting to eliminate waste from suppliers. Robin Mickler, owner of
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Kentucky Native Cafe, pointed to beer service as one easy
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way that they have eliminated waste. The cafe serfs beer
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only from refillable kegs, eliminating glass and aluminium waste. Wine service, however,
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remains an issue as wine makers have not been incentivized
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to create sustainable packaging loop in the same way our
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recycling is full of wine bottles every week. Mickler admitted Minglewood,
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located downtown on North Limestone, eliminated plastic straws nearly a
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decade ago, after working its way through a large batch
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of paper straws provided by a local bourbon distillery as
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a promotional item. The restaurant invested in reusable plastic straws,
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provided only by request, and washed and reused after each use.
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Minglewood also uses biodegradable takeout containers, paper bags, and new
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staff are educated early in their onboarding on this business's
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recycling practices and by request only policies. Lock Box, a
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part of Downtown's twenty one Sea Museum hotel, stopped using
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plastic straws in twenty seventeen. Brian Walters, director of the
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restaurant's food and beverage service, said that after using paper
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straws for a while, the restaurant has since transitioned to
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agave straws. We find that the additional cost is nominal
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when computing overhead, and we consider it worthwhile to give
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the restaurant a greener profile. Walters said. Another common way
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that local restaurants eliminate waste from disposable products is to
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utilize ceramic plates and glassware. While this is a common
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and not new practice, a shift from washable products to
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disposable products in cafes, fast casual, and casual dining establishments
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took place in the late twentieth century as a way
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to lower staffing and equipment costs, particularly for small establishments,
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and create a more relaxed atmosphere. Kinwick Table, a coffee
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shop and wine bar on Owsley Avenue in the Kinwick neighborhood,
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is one of the small casual restaurants that went against
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this trend and opted for reusable, washable serveware. Owner Rtte
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mcgoodwin noted that operating a dishwasher comes with its own
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set of challenges, acknowledging that staff are needed to operate
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the dishwasher and that measures must be taken to address
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the increased moisture in humidity associated with the equipment. It's
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something he decided was worth it though, for both environmental
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impact as well well as a desire to provide customers
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with the quality dining experience. Humble said that while upfront
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costs for purchasing a dishwasher and reusable servewar are higher,
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those investments become more cost effective over the lifespan of
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a restaurant than continual purchase of disposable items. When the
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Zero Waste Team first approached local restaurants about these practices,
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she said they sent a packet with a letter explaining
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the campaign and offering resources. One of those resources was
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from a group called Beyond Plastics, an international organization that
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has done a great deal of research. They give examples
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of restaurants who made the switch and actually found that
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it was profitable over the long term, Humble said. Plus
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consumers are becoming more concerned with environmental impact, and there
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are many people who are more likely to visit a
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restaurant with a green profile. As to what individuals can
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do to help, Humble said, the organization tries to teach
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people that recycling alone is not the answer. Generally, only
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about twelve percent of plastic gets recycled into another useful product.
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Most of the rest of it ends up in landfills
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or litter, she said. As this plastic degrades, microplastics enter
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the ecosystem and eventually end up in our bodies. Definitely
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keep recycling, but trying to eliminate use is the most
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impactful action we can take. The Zero Waste Team welcomes
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volunteers to join their team and help provide information to
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various businesses about things they can do to reduce plastic
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pollution in their practices. We lived for many years without
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these products, Humble pointed out. With a bit of effort,
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we can make changes that have an impact. Our next
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article comes from the August fifth, twenty twenty five edition
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of Wolville Business First and is titled Copper and Kings
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Acquired by New Louisvillian, written by Stephen Schmidt. A well
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known Woulfl distillery that focuses on brandy is getting a
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new owner. The newly formed Bourbon Spirits Company has finalized
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the deal to purchase Copper and Kings Invouisville from Constellation Brands.
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Terms of the deal were not disclosed, but Rob Burden,
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the company CEO and founder, said that negotiations had been
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taking place with Rochester, New York based Constellation for close
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to a year. A representative from Constellation confirmed the sale
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via email and provided the following statement. Copper and Kings
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is a highly respected producer in the American brandy space
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and were confident that it will be well positioned for
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the future with Bourbon Spirit's company. We wish Rob Burdon
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and Copper and King's team continued success. This transaction supports
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Constellation brands commitment to disciplined focus and execution in the
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specific consumer segments, channels and markets that can drive growth
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for our premium and fine wine and crafton Spirit's portfolio.
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In an interview with Louisville Business First, Borden said that
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when he discovered Copper and Kings, he knew that it
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was the one. I had a call planned to initially
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talk about the acquisition. I couldn't sleep. I spent the
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whole night watching YouTube videos on Copper and Kings, and
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from that day I just knew it was going to
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be the company, said Burdon, thirty five, who recently moved
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to Louisville with his family. The distillery, at one one
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two one East Washington Street in the Butchertown neighborhood, primarily
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produces copper pot distilled American brandy aged in bourbon barrels,
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with expressions being derived from both grapes and apples. In
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twenty twenty three, the company debuted its first bourbon. The
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distillery has a head count of approximately twenty people and
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is a member of the Kentucky Bourbon Trail. In a
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news release, there is talk of enhancing the visitor experience
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while increasing its national distribution. Burden declined to get into
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the specifics of those endeavors. I think the biggest thing
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is to really get people around the rich history of
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the Brandy and really bringing the brand to the forefront
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and making the facility a beacon for the American Brandy story.
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Morden said, I think it's a story that needs to
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be told. And yes, people do tend to mispronounce his
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last name, given how closely it sits next to Kentucky's
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most famous beverage alcohol product. Borden is originally from Montreal,
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but attended college in the US as a college hockey player,
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suiting up at Colgate University, followed by a brief stint
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in the minor hockey league ranks. He first entered the
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beverage alcohol industry as the sales director at Tennessee Distilling Group,
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a contract distillery based in Nashville, Tennessee. He held that
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role for more than seven years before founding his own company.
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Copper and King's, was founded in twenty fourteen by Joe
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and Leslie Herron. This concludes the reading of the most
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recent business news in Lexington, Ruisville, and around the state.
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Your reader to day has been Julia Shine. If you
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have any questions or comments about this program, please give
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our Lexington Studios a call at eight five nine four
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two two six three nine zero, Thanks for listening, and
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now please stay tuned for readings from the Kentucky series
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here on Radio I