Company plans to create 70 jobs in Pittsylvania County
Panaceutics, a manufacturer of personalized medical and nutritional products based in North Carolina's Research Triangle Park, will invest $5.8 million to establish a research and development and high-tech manufacturing facility in Pittsylvania County.
The facility in Pittsylvania’s Ringgold East Industrial Park is expected to create 70 jobs.
Virginia successfully competed against North Carolina for the project.
Panaceutics focuses on nutraceuticals and food products through a small batch manufacturing platform technology.
The Launch Place, based in Danville, invested a total of $500,000 to help the startup. Since that time, the company developed a patented automation and proprietary software platform.
The Launch Place program assists with entrepreneurship and business development in Danville, Pittsylvania County and Caswell County, N.C. It offers businesses funding, consulting, and residential and office subsidies.
Panaceutics’ goal is to enable delivery of personalized nutraceuticals and pharmaceuticals in a wholesome food source. Its product is delivered in custom-made and easy-to-swallow multi-compound gels.
The Virginia Economic Development Partnership worked with Pittsylvania County, the Danville Regional Foundation, and the Southern Virginia Regional Alliance to secure the project for Virginia.
Gov. Ralph Northam approved a $105,000 grant from the Commonwealth’s Opportunity Fund to assist with the project, and the Virginia Tobacco Region Revitalization Commission approved $405,000 in Tobacco Region Opportunity Funds.
Panaceutics is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
The company will also be eligible to receive sales and use tax exemptions on manufacturing equipment, and funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.