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InvestPR announces arrival of 2 new companies to Puerto Rico

Hemostemix and Smartweave will establish operations on the island.

Invest Puerto Rico (InvestPR), the island’s business attraction organization, recently participated in the BIO International Convention 2024 in San Diego and announced the arrival of two new companies — Hemostemix and Smartweave.

BIO International is the most significant event in the biotechnology sector globally, with more than 18,500 leaders from around the world in attendance. From June 3-6, InvestPR was accompanied by a delegation of more than 23 public and private organizations that showcased the ecosystem, innovation and collaboration within the local biosciences sector.

This marks the entity’s third year participating in the event. InvestPR stood out as one of the main sponsors of the Bio International Convention, with a strong brand presence at the event and in key areas of San Diego, it stated.

“The organization positioned Puerto Rico’s business value proposition in the minds of hundreds of bioscience leaders,” it added.

The organization also featured a modern exhibit strategically located among the island’s main competitors. It was distinguished by expansive digital displays and four meeting rooms visited by executives attracted by the brand’s presence at the event. 

InvestPR said its team held more than 100 productive meetings with international companies interested in relocating or expanding their operations to Puerto Rico.

“Our participation in BIO is essential to underscore Puerto Rico’s leadership in the biosciences sector and highlight our capabilities in innovation and production. We successfully established valuable connections with industry leaders and attracted interest from multiple companies looking to expand their operations,” said Ella Woger-Nieves, CEO of InvestPR.

New companies arrive
In addition to participating in Bio International, InvestPR welcomed Hemostemix and Smartweave to the island.

Hemostemix, a company based in Canada that specializes in developing autologous stem cell therapies, signed an agreement with CytoImmune Therapeutics to establish production of its ACP-01 cellular therapy at its facility in Toa Baja. This would be the first commercially available cellular therapy manufactured in Puerto Rico used to treat patients with chronic limb ischemia and heart diseases.

“Our expertise in cellular therapy development and clinical manufacturing will accelerate Hemostemix’s success and strengthen Puerto Rico’s legacy as a global biosciences leader. The addition of cellular and gene therapies will help modernize our bio-pharmaceutical sector with new technologies,” said José Vidal, CEO of CytoImmune Therapeutics.

Meanwhile, Smartweave, a regenerative therapeutics and device design company based in Boston, will establish a manufacturing and research center at the newly inaugurated Forward Center of the Science, Technology and Research Trust in San Juan. 

It is the first company to settle on the island that specializes in creating preventive and personalized solutions for connective tissue restoration using digital twins and advanced 3D biofabrication enabled by artificial intelligence, InvestPR explained.

“The island’s robust infrastructure, highly skilled scientific workforce, and globally minded business environment make Puerto Rico an ideal location for our growth. We are committed to leveraging these resources to continue developing innovative solutions and technologies that further strengthen the ecosystem in Puerto Rico and our operations,” said Raj Malhotra, CEO of Smartweave.

InvestPR said Puerto Rico has established itself as the No. 1 producer and exporter of pharmaceutical products in the U.S., with more than 70 years of experience in medical devices and pharmaceuticals. It added that the island hosts more than 30 medical device companies and maintains a solid reputation for high-quality products and compliance with regulatory standards.

“The addition of cellular and gene therapy manufacturing, as well as the development of artificial intelligence solutions, contributes to further strengthening the sector and preparing it for future innovations,” Woger-Nieves noted.

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This story was written by our staff based on a press release.

1 Comment

  1. Anthony Baez June 20, 2024

    This is outstanding for the logistics aspects of our nation two companies from canada and boston. Puerto rico will make you proud so would the residents who can be employed by the Department of the US Wòrkforce.


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