Cody Labs, a subsidiary of Lannett Company of Philadelphia, roped in an $11 million loan from the state of Wyoming that will be used to expand the API maker’s operations.
Cody Labs, which is based in Cody, WY, manufacturers APIs and finished dosage forms of pain relief medication. The company, which employs more than 100 people, was granted an import license in 2008 to import raw opiate material to produce painkillers.
Approval of the loan, which was part of a $41 million package approved by the State Loan and Investment Board that included two other companies, must still pass a legal and technical review before it is dispensed.
Bernhard Opitz, an officer with Cody Labs, told the board about 5 tons of pharmaceutical products are manufactured at the facility each year and the company plans to add 11 tons annually through its planned expansion, The Associated Press reported. The company expects to hire more workers with the expansion.
“We very much appreciate the statement of trust and support in our project,” Opitz said of the board’s approval of the loan.
- check out the AP story
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