By JIMMY LAWTON
LOUISVILLE – The St. Lawrence River Valley Redevelopment Agency has approved a $250,000 loan to a Massena-based over the counter drug manufacturer that promises to create 15 new jobs.
Under the deal, Purine Pharma, a subsidiary of a New Jersey-based pharmaceutical company with ties to India, will expand its operations in the former Alcoa laboratories at 5, County Route 42, Massena.
Deputy St. Lawrence County Industrial Development Agency CEO and Chief Financial Officer Tom Plastino said the loan will be paid back over seven years with 5 percent interest.
The company produces generic over the counter liquid medications including cough syrups and capsule pain relievers under the brand NUMED.
Plastino said the company is certified by the FDA.
Additional financing will come from the North Country Alliance, which has committed to a $225,000 loan.
North Country Alliance is publicly funded.
Purine Pharma will invest $585,000 in the project and additional $738,000 loan will come from Indus American Bank, New Jersey.
Plastino said the company plans to sell the drugs in the U.S. as well as overseas.
He said FDA approved generic drugs are an emerging market in less developed countries, because of the high cost of brand named drugs and the lower quality standards of local produced medications.
Although the deal between the River Agency and Purine requires the company to create 15 jobs, Plastino said the company plans to expand well beyond that number.
"According to their business plan they will be creating two or three times that number," he said.
While the River Agency has approved the loan, it must also be approved by the Industrial Development Agency.