LOUISVILLE - The St. Lawrence County River Valley Redevelopment Agency approved a $250,000 loan Tuesday that will help bolster a Massena-based pharmaceutical manufacturing plant.
Purine Pharma will use the loan to purchase machinery and equipment for its manufacturing plant at the former Alcoa laboratories, 5 County Route 42, Massena.
The project will cost roughly $1.8 million.
The funding will be combined with a $738,000 bank loan and a $225,000 loan from the North Country Alliance.
The company will also use $585,000 of its own capital for the expansion, St. Lawrence County Industrial Development Agency Deputy CEO and Chief Financial Officer Thomas A. Plastino said.
The New York Power Authority granted the River Agency $16 million in 2010 to spur economic growth in the county and to create jobs.
As per an agreement with the River Agency, the company will retain two full-time and create 15 new full-time jobs over the next three years.
Purine Pharma supplies US and international wholesalers, distributors, institutional pharmacies and retail chain store pharmacies with liquid and solid dose over-the-counter medicines and prescription drugs, according to its website.
The company is based in Freehold, NJ.