MASSENA -- A Massena manufacturing firm of over-the-counter medicines and nutritional supplements is getting a $225,000 loan to help finance new machinery and equipment.
The expansion is expected to create a minimum of 15 jobs.
PurinePharma, LLC will take the North Country Alliance Local Development Corporation funds as part of a total funding package of $1,798,000 that will enable the firm to begin producing products for export.
Under the plan PurinePharma will invest $585,000 in the project and additional $738,000 loan will come from Indus American Bank, New Jersey. The St. Lawrence River Valley Redevelopment Agency also approved $250,000 loan.
According to a North Country Alliance news release, PurinePharma moved into the Massena facility in May 2013 and obtained federal Food and Drug Administration and state Board of Pharmacy registrations that allow them to manufacture medicines and nutritional supplements.
“With the commercial product launch in November 2013, PurinePharma executives have reconnected with their customer base to export PurinePharma products to Canada, Russia, Ukraine, Guyana, Yemen, Nigeria and other international markets,” PurinePharma Operations Manager Venkat Kakani said. “The strategically located manufacturing plant in close proximity to the St. Lawrence Seaway will allow the company to serve these markets very effectively,” he said.
PurinePharma executives said they chose Massena in part because the cost to complete the facility, the favorable energy costs and availability of local of talent. “The citizens of the county and agencies like the St. Lawrence County Industrial Development Agency and North Country Alliance have been very cooperative, and are very much welcoming of PurinePharma,” Kakani said.
PurinePharma will make generic over-the-counter nasal and throat sprays and nutrition supplements under store brand names and its own labels, Medibest and NuMed. It plans to expand the product line to analgesics and cough and cold medicines.
Kakani told the NCA that “the low interest loans from the St. Lawrence County IDA and North Country Alliance supplement the company’s bank loan that will help PurinePharma accelerate this process. Within three years, PurinePharma expects to produce over 20 million bottles of products in the plant, which will create substantial employment in the community.”
The North Country Alliance Local Development Corporation has a regional revolving loan fund for business in Lawrence, Jefferson, Lewis, St. Clinton, Essex, Franklin and Hamilton counties.
The IDA is a member of the NCA and can sponsor loan applications through the NCA’s loan fund.
IDA Chairman Patrick Kelly is a member of its board or directors.