InCube Labs Chairman and CEO Mir Imran on Thursday joined local and state leaders in unveiling plans to open a branch of his company in San Antonio.

InCube Labs is a Silicon Valley-based life sciences research laboratory focusing on developing medical breakthroughs. The company, launched in 1995, is led by Imran, who has founded more than 20 companies and holds more than 200 patents.

Imran and his partners also manage a venture fund, InCube Ventures.

The Business Journal Wednesday evening broke the news of Imran’s plan to set up a biotech incubator in the Alamo City. The details of his plan were fleshed out this afternoon at a press conference staged at City Hall downtown.

Imran announced at that press conference that he plans to launch five life science companies in San Antonio over the next five years. InCube Ventures invests in start-up companies and helps them to commercialize their products. Its affiliate, InCube Labs, has over the past 15 years incubated and spun off 12 life science companies in the fields of cardiology, neurology and gastroenterology.

InCube-backed ventures should create at least 50 jobs in San Antonio with salaries ranging from $50,000 to more than $200,000, according to city officials.

However, based on the company’s track record, city officials expect that over a 10-year period, InCube-backed companies will create upwards of 400 local jobs.

“Landing InCube is great news for San Antonio’s growth in the biosciences sector and is the fruit of a new economic development focus on 21st century industries,” says Mayor Julián Castro.

The city, Bexar County, the Texas Research & Technology Foundation, the University of Texas San Antonio and the University of Texas Health Science Center at San Antonio will invest a total of $10 million over the next five years to help fund InCube’s operations. The Texas Research & Technology Foundation plans to lease a facility to house InCube’s operations near the South Texas Medical Center.