News Summary
Harrow Inc., a Nashville-based eyecare pharmaceutical company, has received FDA approval for its preservative-free synthetic corticosteroid, triesence. This significant milestone not only boosts the company’s stock value slightly but also enhances treatment options for patients undergoing eye surgeries. Harrow is also expanding its headquarters and plans to develop a next-generation version of triesence, reinforcing its commitment to innovation in the eyecare field while creating jobs in the local economy.
Nashville’s Harrow Inc. Gets Green Light from FDA for Triesence
Exciting news is coming out of Nashville, as Harrow Inc., a local eyecare pharmaceutical company, has just received FDA approval for the use of its product, triesence. This new milestone is a huge win not just for the company but for the healthcare community that relies on innovative treatments. On Tuesday, shares for Harrow (stock ticker: HROW) climbed a bit, ending the day at $22.26, which marks a slight increase of 0.18% or $0.04 per share. Every little bit counts, right?
What’s All the Buzz About Triesence?
Now, what exactly is triesence? This product is a preservative-free synthetic corticosteroid designed specifically for an important role in eye surgeries and treatments. It’s mainly used for visualization during vitrectomy and for handling those stubborn ocular inflammatory conditions that simply don’t respond to typical topical corticosteroids. In layman’s terms, it helps doctors see better during certain eye procedures and treats issues that others can’t. That’s a lifesaver for many patients!
Harrow has also inked a five-year supply and development agreement for triesence with a contract manufacturing organization, although the name of this manufacturer hasn’t been disclosed yet. Keeping the supply steady is crucial, and Mark Baum, the CEO of Harrow, emphasized that stabilizing triesence’s availability was a top objective since acquiring the product. This is all part of the company’s strategy to keep it off the FDA’s Drug Shortage List.
What’s Next for Harrow?
But wait, there’s more! Harrow is already looking to the future. With plans to develop a next-generation version of triesence, they intend to submit a new drug application to the FDA before the **end of 2027**. This shows that Harrow isn’t just resting on its laurels; they’re gearing up for more innovation in the eyecare field.
Expanding Horizons in Nashville
Alongside this fantastic news regarding triesence, Harrow is not stopping at just new products. The company is also expanding its corporate headquarters in Nashville, investing nearly $3 million into this growth. This expansion is set to create a whopping 147 new jobs, boosting Harrow’s workforce in Tennessee by nearly 70%. Job creation in any community is always welcome news, right?
The company’s journey began in 2012 in San Diego, but it moved its headquarters to Nashville in 2019. Since then, it has invested heavily in the region, building a state-of-the-art lab and expanding its operations. Local economic growth is something both the state and city are keen to promote, and Harrow’s commitment to Nashville is a testament to the city’s vibrant business landscape.
A Thriving Business Landscape
It’s not just the company feeling the love; Tennessee Governor Bill Lee has expressed the significance of Harrow’s expansion for job creation and economic growth in the area. He has highlighted that Nashville offers a favorable business climate, which is vital for companies looking to set up shop. Furthermore, the Tennessee Department of Economic and Community Development pointed out that Harrow’s growth is part of a bigger picture, representing a flourishing trend of economic development in Davidson County. There have been 38 projects initiated since 2020, all leading to fresh job opportunities and meaningful capital investment.
As Harrow Inc. continues its journey of innovation and expansion, it furthers its role as a key player in both the eyecare industry and Nashville’s bustling economy. Keep an eye on Harrow, as it’s poised for a bright future!
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Additional Resources
- Nashville Post: Harrow Shares React Modestly to FDA Move
- Tennessee Department of Economic and Community Development: Harrow Inc. Expansion Announcement
- Vision Monday: Harrow Announces Corporate Headquarters Expansion in Nashville
- Business Wire: Harrow Partners with Cencora
- Wikipedia: Eye Care
- Encyclopedia Britannica: Corticosteroid
