Pharmaceutical company investing $5.8M to expand in Pittsylvania Co., creating 70 jobs
DANVILLE, Va. (WSET) -- A pharmaceutical company, which offers personalized medicine and nutritional products, is expanding in Pittsylvania County and creating dozens of new jobs.
Their corporate office is in Durham, North Carolina. The company has been up and running for five years, according to Co-Founder and CTO Edison Hudson.
The company will be establishing a research and development and high-tech manufacturing facility in the Rinngold East Industrial Park in Pittsylvania County.
Hudson said they are not your typical pharmaceutical company.
"We make a product to personalize nutrition and medicine where we take the active ingredients and then formulate it based on your genetics, lab tests, age, sex, weight," he said. "Simple factors like that."
They make it something that matches exactly what you need, but put it in a form that tastes good. Think of an apple sauce packet.
"Instead of taking a handful of pills, like many people do you don't have to take the pills anymore, you instead get something that is easy to swallow, tastes good and is made just for you," Hudson said.
Governor Ralph Northam was on hand Tuesday, March 6 at the Institute of Advanced Learning and Research in Danville to announce that Panaceutics is investing $5.8 million to create 70 new jobs at its new facility.
"Virginia’s business-friendly environment, higher education system, and robust talent pipeline make the Commonwealth an ideal home for entrepreneurs like Panaceutics that are creating valuable, 21st-century jobs," said Gov. Northam, speaking at the event. "I’d like to recognize The Launch Place for fostering an environment that helped Panaceutics reach this impressive level of growth, as well as Pittsylvania County and the Southern Virginia Regional Alliance for their efforts to help this great company thrive in the Commonwealth."
The Launch Place in Danville initially invested $500,000 to help the startup and since then has developed a patented automation and proprietary software platform enabling personalized multi-compound formulations that disrupt the current multiple pill paradigm and revolutionizes how patients receive and practitioners deliver wellness solutions.
"In addition to providing the necessary manufacturing space, logistical support, rapid access to skilled workforce, and capital support, Panaceutics recognized the strong commitment to fostering the growth of innovative companies by the entire region and the Commonwealth of Virginia. As a company, we are extremely excited about the growth possibilities that this investment creates for Panaceutics," said Mark Montgomery, CEO of Panaceutics.
The Virginia Economic Development Partnership worked with Pittsylvania County, the Danville Regional Foundation, and the Southern Virginia Regional Alliance to secure the project for Virginia. Governor Northam approved a $105,000 grant from the Commonwealth’s Opportunity Fund to assist the County with the project, and the Virginia Tobacco Region Revitalization Commission approved $405,000 in Tobacco Region Opportunity Funds.
The company is also working on implimenting a product incorporating all of the medication people suffering from heart issues take, as well as, a personlized nutrition product for kids.
"Basically moms can tell us a lot about their kid and we can then give them the right amount of things that they need," Hudson said.
We also checked on whether insurance covers their products, but the company says not for the personalized supplements typically.
Hudson said they are working with insurance companies to provide more data on their personalized medicines line, hoping the products will be covered in the future.
Panaceutics is working on putting up a job site where people can apply for jobs with them. For now, the company is asking people to send resumes to firstname.lastname@example.org or email@example.com.