MADISON, Wis.--(BUSINESS WIRE)--PSC Investments, a subsidiary of California based PSC Biotech Corporation, is proud to announce the acquisition of a high potency sterile injectable facility from the Morgridge Institute for Research (MIR), a private research institute affiliated with the University of Wisconsin-Madison. The contract manufacturing operation will be named BioTechnique and will be a newly formed subsidiary of PSC Biotech.
The 37,000 square foot sterile injectable fill finish facility, located in Madison’s University Research Park was constructed in 2008 by Mentor Biologics, Inc. and later conveyed to MIR.
PSC Investments partnered with Steve Mixtacki, Chief Financial and Operating Officer of the Wisconsin Alumni Research Foundation (WARF), an affiliate of MIR, who said “…PSC has been a pleasure to work with, and we wish them much success at 5501 Research Park Boulevard”. Additionally, PSC Investments was very pleased with the outcome of the acquisition. “This was a great team effort from PSC Investments to help drive future growth potentials for PSC, and more importantly, help meet the high demand for cytotoxic and high potency fill-finish contract manufacturing services of sterile injectable products”, stated Raphi Hanessian, Managing Director of PSC Investments. The acquisition was financed with an SBA real estate loan from East West Bank in partnership with the CDC Small Business Finance team.
The recent acquisition of the pharmaceutical manufacturing facility will allow BioTechnique the opportunity to provide specialized filling services for cytotoxic, high potency, biologic, and other sterile injectable drugs. The injectable facility is state-of-the-art for filling and finishing high potency compounds and was designed to meet the highest safety levels for manufacturing personnel, as well as to minimize cross contamination, and be compliant with current Good Manufacturing Practices (cGMP) for sterile injectable manufacturing.
BioTechnique will be customer ready for sterile liquid and lyophilization fill-finish production in 2015.
When fully operational, BioTechnique is expected to employ over 100 technical professionals in Madison, Wisconsin.
About PSC
PSC is a premier service provider of products and professional services to life science companies, helping them achieve scientific and commercial success. PSC provides a full spectrum of professional consulting services, investment advisory services, quality management systems, and contract manufacturing operations to assist our clients to achieve regulatory approval and to maintain compliance to the standards of the US Food and Drug Administration (FDA) and European Medicines Agency (EMA).
To learn more about the acquisition or potential investment opportunities, please contact:
| PSC Investments |
| Raphi Hanessian, Managing Director |
| Phone: (909) 784-3350 |
|
Financed By |
| East West Bank |
| James P. Lin, Senior Vice President, Deputy Director of Business Banking |
| Samuel C. Li, Assistant Vice President & Relationship Manager |
| Phone: (626) 363-7410 |
|
Email: Samuel.li@eastwestbank.com |
| CDC Small Business Finance |
| Kurt Chilcott, CEO/President |
| Armen Madatyan, Senior Commercial Lender |
| Phone: (626) 529-0712 |
|
Email: TeamLA@cdcloans.com |
