Originally published by Buffalo Business First on May 2, 2018
Pine Pharmaceuticals LLC has opened its larger manufacturing plant in the Town of Tonawanda and is prepared to expand its operations and nearly double its employee count in the next few years.
The drug outsourcing company, which had been located in a 4,280-square-foot building, moved to a 25,000-square-foot building located at 355 Riverwalk Parkway in the Riverview Solar Technology Park. The new plant cost $5.6 million. New York state offered $500,000 in refundable tax credits from the state’s Excelsior Jobs Program and a 136-kilowatt low-cost power allocation from the New York Power Authority’s ReCharge NY program if Pine meets its job-creation and investment targets. The company currently has 15 employees and has pledged to create 12 new high-paying jobs within two years. By 2021, the company has promised to create 28 new positions.
The company also received $1.2 million in tax breaks from the Erie County Industrial Development Agency to build the manufacturing facility.
Pine Pharmaceuticals provides pharmaceutical compounding, including specialized sterile formulations serving ophthalmologists, retinal specialists, hospitals, medical practices and clinics.
The new manufacturing facility has several clean rooms and was designed from the ground up to comply with the US Food and Drug Administration’s Current Good Manufacturing Practice.