July 1, 2008

One North Carolina Fund Grant Helps Bring Galexe Pharma Sciences to Lenoir
RALEIGH – Gov. Mike Easley announced today that Galexe Pharma Sciences, a subsidiary of Virginia-based Exela PharmSci Inc., will open a pharmaceutical manufacturing plant in Caldwell County.  The company plans to hire 55 workers and invest $8.6 million during the next three years.  The project was made possible in part by a $250,000 grant from the One North Carolina Fund.

“North Carolina’s work to build its pharmaceutical industry continues to show success,” Easley said. “This announcement demonstrates our state’s ability to provide the high-skill workforce and favorable business climate pharmaceutical and biopharma companies need to grow and expand in the Research Triangle and across the state.”

Galexe Pharma Sciences plans to locate in Lenoir. Wages for the new positions will vary by job experience and responsibilities, but the overall average pay for the 55 jobs will be $58,455 a year, not including benefits.

“Upon careful consideration of competing locations within the U.S. as well as Hyderabad, India, we chose North Carolina.  The affordable cost of living and the various grants and incentives added up to an overall lower cost of doing business,” said Phanesh Koneru, president and CEO of Galexe Pharma Sciences.  “The invaluable support we received from the City of Lenoir, the officials at Caldwell County, the N.C. Department of Commerce, and the N.C. Rural Economic Development Center is another important factor.  Availability of local talent pool, close proximity to several equipment vendors and milder year-round weather are additional factors.”

The One North Carolina Fund provides financial assistance through local governments to attract business projects that will stimulate economic activity and create new jobs in the state.  Through the use of the One North Carolina Fund, more than 30,000 jobs and $6 billion in investment have been created since 2001. All of these grants require local matches and this grant is contingent upon local officials approving at least $250,000 in matching funds.

Other partners who helped with this project include: the N.C. Department of Commerce, Caldwell County, Caldwell County Economic Development Commission, City of Lenoir, Caldwell Community College and Technical Institute, the N.C. Rural Economic Development Center and Duke Energy.

Set Effron, (919) 733-5612 or Caldwell County EDC (828) 728-0768