RESEARCH TRIANGLE PARK – Panaceutics, a drug manufacturing startup launched at the First Flight Venture Center in RTP, is expanding.
Va. Gov. Ralph Northam, left, with Panaceutics CEO Mark Montgomery.
The company will build a manufacturing plant and hire some 70 workers in Danville, Va.
However, a spokesperson for The Launch Place, which is a startup accelerator in Danville and an investor in Panaceutics, said the company will remain based in RTP. It is investing $5.8 million in the new plant.
The company delivers personalized monthly subscriptions of “pill free” portable nutritional pouches that combine up to 20 active ingredients that offer a convenient way to consume medications, vitamins, and supplements. Each pouch is designed to deliver the right nutrients and correct dosage for each individual, reducing drug related side effects or adverse events. Pouch flavors include combinations like Mango Blend and Apple Spice.
Virginia Gov. Ralph Northam announced the expansion Tuesday and said the state won the plant in a competition with North Carolina.
The 12,500 square foot facility is set to open in April.
“Making this move to Danville will open up doors and not only allow us to get more recognition as a company, but also to get recognition for The Launch Place,” said Panaceutics CEO Mark Montgomery CEO.
Panaceutics is a subsidiary of Panacea Biomatx, Inc.
The Launch Place has invested $500,000 in Panaceutics.
“This [expansion] will have a huge impact,” said Jimmy McGarry, Chair of The Launch Place’s Board of Directors. “This move is a perfect example of collaboration between new businesses we bring into the area and the available space, existing workforce, and ability to train new talent.”
