70 NEW JOBS COMING TO PITTSYLVANIA COUNTY
Panaceutics to Establish Pharmaceutical Manufacturing Operation
Pittsylvania County, VA – Governor Ralph Northam announced today that Panaceutics will establish a pharmaceutical manufacturing operation in Pittsylvania County. The project will create 70 new jobs and result in $5.8 million in capital investment. The facility will be located at the Cane Creek Centre Industrial Park.
The Tobacco Region Revitalization Commission approved a $405,000 Tobacco Region Opportunity Fund grant for this project. Additionally, the Tobacco Commission has invested more than $6.4 million in the development of Cane Creek Centre Industrial Park.
Tobacco Commission Vice-Chair, Senator Frank Ruff said, “This announcement shows that Southern Virginia has the workforce and the tools needed to successfully compete for valuable, high-tech jobs. The Launch Place here in Danville has been instrumental in Panaceutics’ success, and it is great to see that the company will grow its business in Pittsylvania County. These jobs and the considerable investment they are making will provide a boost to our local economy, and I am very pleased that the Tobacco Commission chose to support this project.”
Tobacco Commission member, Delegate Danny Marshall added, “This is a great day for Pittsylvania County and Southside Virginia. To see Panaceutics go from a startup to now adding 70 jobs says a great deal about our business climate here in Southside. I wish them all the best as they get their expansion underway and look forward to their future success here in Pittsylvania County.”
Panaceutics is breaking down the “one size fits all” barriers that limit the formulation, manufacturing, and delivery of personalized medicine and nutrition. With over 100 combined years of scientific expertise in specialty medications and pharmacies, cloud computing, and robotics technologies, Panaceutics offers a patented cloud-based technology platform, automated robotic delivery system, and high-quality processes built from the ground up to help strategic partners develop personalized therapies and clinical nutritional products for large consumer populations, quickly, safely, and economically. Its product is delivered in custom-made, good-tasting, and easy-to-swallow multi-compound gels in a convenient soft pouch.
Tobacco Commission member, Secretary of Commerce and Trade Esther Lee said, “Panaceutics’ trajectory is a great testament to Southern Virginia’s pro-business climate and dedication to helping businesses of all sizes flourish, and we are proud to have this young company on the Commonwealth’s corporate roster. Virginia’s dynamic research universities, numerous federally-funded facilities, and renowned R&D institutes will help us continue to attract companies of Panaceutics’ caliber that are at the forefront of their industry. We look forward to a long partnership with Panaceutics, and thank the company for its commitment to the region and the Commonwealth.”
Pittsylvania County Board of Supervisors Chairman, Robert W. “Bob” Warren, III, added, “Pittsylvania County is very excited to add Panaceutics to our rapidly growing business community, and we welcome them as our newest corporate citizen. We are honored and delighted that Panaceutics has chosen Pittsylvania County for its state-of-the-art facility in a cutting-edge industry, contributing $5.8 million in new capital investment, as well as 70 high-paying jobs. This project is particularly special to us, as it has been a great collaborative effort with not only our state partners, but also with our regional and local partners, Danville Regional Foundation and The Launch Place, which have played critical roles in the development of this company. We thank Panaceutics for its commitment to Pittsylvania County, we congratulate them on this major milestone, and we look forward to developing a strong partnership with them.”
The Tobacco Commission is working to develop a diverse economy in Southern and Southwest Virginia. Long term investments, like Cane Creek Centre Industrial Park are vital when it comes to attracting high-tech, high-skill jobs like those Panaceutics is bringing to our region.
Contact: Jordan Butler
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