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PurinePharma receives NCA loan

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MASSENA - The North Country Alliance Local Development Corporation recently approved a loan in the amount of $225,000 to a Massena manufacturing firm of over-the-counter medicines and nutritional supplements.

The NCA funds will be used to finance machinery and equipment for PurinePharma, LLC as part of a total funding package of $1,798,000 that will enable the firm to begin producing products that will be exported to an international customer base.

According to the company, PurinePharma moved into the Massena facility in May 2013 and obtained U.S. Federal Drug Administration and state Board of Pharmacy registrations that enables them to manufacture medicines and nutritional supplements.

“With the commercial product launch in November 2013, PurinePharma executives have reconnected with their customer base to export PurinePharma products to Canada, Russia, Ukraine, Guyana, Yemen, Nigeria and other international markets,” PurinePharma Operations Manager Venkat Kakani said. “The strategically located manufacturing plant in close proximity to the St. Lawrence Seaway will allow the company to serve these markets very effectively.” In addition to its convenient location to key markets, PurinePharma executives said they chose Massena because of its overall cost to complete the facility, the favorable energy costs and local availability of talent.

“The citizens of the county and agencies like the St. Lawrence County Industrial Development Agency, River Valley Redevelopment Association and North Country Alliance have been very cooperative, and are very much welcoming of PurinePharma,” Mr. Kakani said, adding, “We are very glad to be here.”

PurinePharma will initially make generic, over-the-counter nasal and throat sprays and nutritional supplements under store brand names and its own labels, Medibest and NuMed. It then plans to expand the product line to analgesics and cough and cold medicines. According to Mr. Kakani, “The low interest loans from the St. Lawrence County IDA and North Country Alliance supplement the company’s bank loan that will help PurinePharma accelerate this process. Within three years, PurinePharma expects to produce over 20 million bottles of products in the plant, which will create substantial employment in the community.”

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