ARNPRIOR, ONTARIO--(Marketwired - April 12, 2013) - Pillar5 Pharma Inc. will receive an investment to expand its pharmaceutical manufacturing facility in the County of Renfrew. The funding was announced today by Cheryl Gallant, Member of Parliament for Renfrew-Nipissing-Pembroke, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"Our Government is pleased to support projects that provide the tools that businesses need to grow and prosper," said MP Gallant. "Investing in companies like Pillar5 will create high-quality jobs and long-term stability in Renfrew County, while supporting an important sector of Canada's export economy."
Located in Arnprior, Ontario, Pillar5 was founded in 2009 when a group of investors purchased the former Pfizer plant. Pillar5 now has an impressive client base comprised of customers it has attracted with a reputation for high-quality pharmaceutical manufacturing. The company produces over-the-counter and prescription pharmaceutical products for the eyes for clients in Canada and for export around the world. With more than 100 employees and a solid list of clients, Pillar5 continues to be a significant contributor to the Arnprior economy.
Through FedDev Ontario's Prosperity Initiative, Pillar5 will receive a contribution of up to $2.5 million to install new specialized production lines to expand Pillar5's capacity for sterile ophthalmic manufacturing at its Arnprior facility. The project is expected to create up to 50 highly skilled full-time jobs in the area.
"This contribution to our project from FedDev Ontario is essential to our strategy to bring leading edge technology to the production of highly valued sterile ophthalmic products," said Kevin Rampton, CEO of Pillar5 Pharma. "We have the technical knowledge and the team to capture this opportunity, and this investment, together with our own commitment, will position Pillar5 to become a leader in this market."
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
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This news release is available online at: www.FedDevOntario.gc.ca.