AB BioTechnologies, Inc. (Bloomington) is a contract service provider for the formulation and process development of injectable drug products, diagnostics, and tissue products. AB BioTechnologies was founded in February 2008 by J. Jeff Schwegman, Ph.D. in the back bedroom of his home where he operated the company simply as a teaching and consulting firm.
In early 2010 the first small laboratory was opened, and the company quickly grew over the next few years tripling profits each year, adding new lab equipment, and going through two lab expansions to keep up with the demand for their services. The company is in the process of a $10M expansion which will include a new building, new employees, and new equipment.
The expansion will allow the company to manufacture and test injectable drug products that will be used in early phase Clinical Trials on humans and animals. The company, which currently has 6 full time staff, plans to employ approximately 25 people including scientists, operators, and support staff in the next few years.
The company has been working with the Ivy Tech Gayle & Bill Cook Center for Entrepreneurship and SC Small Business Development Center to develop their business plan and assist with financing strategies before pursuing SBA lending and other investors. They recently received a $9.5M SBA loan through Old National Bank and have 3 investors in addition to owner’s equity invested in the expansion.