Panaceutics to pump $5.8M into manufacturing facility in Virginia

Panaceutics to pump $5.8 million into manufacturing facility in Virginia. (Pixabay)

North Carolina-based personalized medicine and nutritional supplement maker Panaceutics said it will invest $5.8 million for a manufacturing facility to be located in Pittsylvania County, Virginia.

The company said the facility will initially employ about 70 workers.

The site will provide “the necessary manufacturing space, logistical support,” and access to a skilled workforce, Panaceutics’ CEO Mark Montgomery said in a statement.

Panaceutics is the developer of an automated platform that allows for personalized multicompound formulations in contrast to the current multiple-pill format. The company believes its platform will change how patients receive and practitioners deliver wellness solutions.

Panaceutics’ goal is to enable delivery of personalized nutraceuticals and pharmaceuticals via a healthy food source. Its products are delivered in multicompound gels.