Since 2004, Femasys Inc. has been developing a women’s health product from its south Forsyth headquarters.
Under plans detailed Wednesday, the company plans to grow by 114 jobs over the next three years as it adds manufacturing and sales components.
“Earlier in the year, we received regulatory approval from the FDA to be able to sell the first device,” said Gary Thompson, the company’s chief financial officer.
“It is anticipated we will actually launch it during the month of June. And once that happens, we then transition ... into a manufacturing, selling and marketing company. That will be the impetus to start creating a lot of jobs.”
The product, FemVue, is for potentially infertile women to assess their fallopian tubes in conjunction with ultrasound technology.
The June launch will lead to about a $4 million capital investment over three years, officials said.
The company, which currently has 18 employees, will purchase everything from heavy machinery and equipment to furniture and fixtures.
It has also applied for a $200,000 state grant. If the grant is awarded, the Forsyth County Development Authority has agreed to act as a fund
administrator between the state and company.
Attorney Ethan Underwood, who works with the authority, said the grant would be issued to the authority, which would then use it to buy equipment to lease the company.
“With all small businesses and startups, you try to find funds wherever you can get them and, fortunately, we live in a state that’s got a good program to try to attract businesses to build and stay in Georgia,” he said.
Femasys is a likely candidate for the grant. Regardless, Thompson said it will proceed as planned.
“It is a gradual ramp over the next three years and it’s a product that will be available across the U.S.,” he said.
“It’s going out and getting doctors trained on the procedures and understanding the benefit of the product versus current alternatives out there.”
Health care has been a magnet for local economic development, said James McCoy, head of the Cumming-Forsyth County Chamber of Commerce.
And growth of companies like Femasys continues to add to the industry.
“The medical device and health care sector is a critical component of the future economy of Cumming and Forsyth County,” McCoy said.
“Femasys is a great example of a company that we hope to work with to increase their presence and overall impact in the area. We are very proud they are here and proud that they are growing.”
Under plans detailed Wednesday, the company plans to grow by 114 jobs over the next three years as it adds manufacturing and sales components.
“Earlier in the year, we received regulatory approval from the FDA to be able to sell the first device,” said Gary Thompson, the company’s chief financial officer.
“It is anticipated we will actually launch it during the month of June. And once that happens, we then transition ... into a manufacturing, selling and marketing company. That will be the impetus to start creating a lot of jobs.”
The product, FemVue, is for potentially infertile women to assess their fallopian tubes in conjunction with ultrasound technology.
The June launch will lead to about a $4 million capital investment over three years, officials said.
The company, which currently has 18 employees, will purchase everything from heavy machinery and equipment to furniture and fixtures.
It has also applied for a $200,000 state grant. If the grant is awarded, the Forsyth County Development Authority has agreed to act as a fund
administrator between the state and company.
Attorney Ethan Underwood, who works with the authority, said the grant would be issued to the authority, which would then use it to buy equipment to lease the company.
“With all small businesses and startups, you try to find funds wherever you can get them and, fortunately, we live in a state that’s got a good program to try to attract businesses to build and stay in Georgia,” he said.
Femasys is a likely candidate for the grant. Regardless, Thompson said it will proceed as planned.
“It is a gradual ramp over the next three years and it’s a product that will be available across the U.S.,” he said.
“It’s going out and getting doctors trained on the procedures and understanding the benefit of the product versus current alternatives out there.”
Health care has been a magnet for local economic development, said James McCoy, head of the Cumming-Forsyth County Chamber of Commerce.
And growth of companies like Femasys continues to add to the industry.
“The medical device and health care sector is a critical component of the future economy of Cumming and Forsyth County,” McCoy said.
“Femasys is a great example of a company that we hope to work with to increase their presence and overall impact in the area. We are very proud they are here and proud that they are growing.”