Invest Puerto Rico at BIO International 2024 has accelerated its mission to position the island as a hub of innovation and development in the biosciences industry through the arrival of two new companies.

SAN JUAN, PUERTO RICO — Invest Puerto Rico (InvestPR), the island’s business attraction organization, continues to strengthen the competitiveness of the biosciences sector with its successful participation in the BIO International Convention 2024 in San Diego and the arrival of two new companies, Hemostemix and Smartweave. These events underline the island’s role as a center of innovation and development in the global bioscience industry.

Invest Puerto Rico at Bio International 2024

BIO International is the most significant event in the biotechnology sector globally, with over 18,500 leaders from around the world in attendance. From June 3 to 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. InvestPR effectively positioned Puerto Rico’s business value proposition in the minds of hundreds of bioscience leaders.

The organization also featured a modern and eye-catching exhibit strategically located among the island's main competitors. It was distinguished by expansive digital displays and four meeting rooms consistently visited by executives attracted by the brand's presence at the event. The InvestPR team held over 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," commented Ella Woger-Nieves, Chief Executive Officer of InvestPR.

Welcome Hemostemix and Smartweave to the island

In addition to participating in Bio International, InvestPR welcomed Hemostemix and Smartweave to the Island. Their arrival will contribute to diversifying the sector and underscore Puerto Rico's status as a global leader in biosciences.

Hemostemix

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 commercial cellular therapy from Puerto Rico for chronic limb ischemia and heart diseases treatment to become available.

"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.

Smartweave

Smartweave, a cutting-edge regenerative therapeutics and device design company headquartered in Boston, Massachusetts, 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 on the island that specializes in creating preventative and personalized solutions for connective tissue restoration using digital twins and advanced 3D biofabrication enabled by artificial intelligence.

"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, Chief Executive Officer of Smartweave.

Puerto Rico is the top U.S. producer and exporter of pharmaceuticals, with over 70 years of experience in medical devices and pharmaceuticals. Additionally, Puerto Rico hosts over 30 medical device companies known for high-quality products and strict regulatory compliance.

“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,” added Woger-Nieves.

Over the past five years, InvestPR has driven the island’s economic development, securing 20,000 new jobs, $1 billion in investments, and nearly 2,500 new businesses.

Acerca de Invest Puerto Rico

Invest Puerto Rico is a non-profit entity created by to promote Puerto Rico as a competitive jurisdiction for investment, focused on attracting new businesses and capital. Nuestra visión es ser un ente enfocado en resultados, que acelere la transformación de Puerto Rico y genere más y mejores empleos en la isla.