Galexe Pharma Sciences - New Pharmaceutical Company Locating in Caldwell County

Galexe Pharma Sciences - New Pharmaceutical Company Locating in Caldwell County

(LENOIR, NC) -- Caldwell County and the City of Lenoir have had considerable success in recruiting new companies within their borders recently and that trend continues. Galexe Pharma Sciences, LLC. has announced plans to purchase the former Cytosol Inc. building located at 1325 William White Place, just off Nuway Circle in Lenoir.

The building, which has been vacant for almost four years will be remodeled and up fitted and expanded to ultimately house fifty-five new employees. Phanesh Koneru, Ph. D., President and CEO intends to locate the company headquarters at the site, as well as utilize the space for manufacturing and research and development. Jobs from this pharmaceutical company relocation will include a management team, research scientists, research and manufacturing employees, as well as staff for facilities and maintenance. Dr. Koneru is hopeful that many of the employees can be hired locally. “I have been very impressed with the assistance that Galexe has received on the state and local level. This is a very important step for our company. I feel very comfortable with our decision to locate in Caldwell County and Lenoir. We are enthusiastic about the future of Galexe a well as the positive contribution we hope to make to the community. We wish to express our sincere appreciation to all the City, County and State officials without whose dedicated efforts this project might not have materialized. In particular, we with to thank Joe Holbrook, Herb Greene, Mayor Barlow and Alan Wood for their unwavering support.”

The announcement is the culmination of several months of negotiations and cooperation between several local and state agencies. North Carolina, according to a press release from Governor Easley’s office earlier today, will be providing a $250,000 One NC grant, this economic development grant requires a local match and this will be provided by Caldwell County and the City of Lenoir. The local match, which will need to be approved in a public hearing by both local entities, will be based on the increased tax base provided by the expansion of the facility and new equipment that is to be located at the site. The company is also seeking a grant from the NC Rural Center to help with the renovations to the building.

The pharmaceutical company's relocation to Caldwell County shows how economic development incentives and grants for business relocation are attracting even more manufacturing companies in North Carolina and throughout the nation to consider moving to the area.

This expansion is the continuation of the efforts of local officials to diversify an economy that has been rocked by layoffs in the furniture industry. Today’s announcement coupled with earlier announcements in the IT, Foodservice and Composite industry sectors should start to have a positive effect on the economy.

Herb Greene, Chairman of the Caldwell County Commissioners was pleased to hear the news, saying “I believe that education is the key. The location of Galexe Pharma Sciences, LLC in Caldwell County is proof that our efforts are paying off. A company that requires this degree of expertise in its employees would not locate in an area without a good workforce and the facilities to train them. I believe we will continue to see good things for our citizens.”

Lenoir Mayor, David Barlow was also happy with the announcement, “We need these jobs and many more like them. If we are successful in recruiting industries of this type, we will continue to see improvement in our economy. When you add 55 good paying jobs, it is bound to have an effect. We welcome Galexe Pharma Sciences to the area and I hope that Dr. Koneru will invite his friends in the industry to locate here as well.”

Work on the 19,135 sq ft building will begin in the near future. Plans for the renovation are being completed at this time. It is hoped that portions of the building can be occupied later this year and the entire expansion can be completed in about 24 months. The average projected wages for the jobs at the facility are projected to be in excess of $58,000.00 per year.