CODY, Wyo. — A pharmaceutical manufacturer is seeking another $12 million in loans from the state of Wyoming so it can expand its Cody operations.
The State Loan and Investment Board is scheduled next Tuesday to consider the request by Cody Laboratories, which already received an $11 million low-interest loan from the state last year. The board consists of Wyoming’s governor, secretary of state, treasurer, superintendent of public instruction and auditor.
A subsidiary of the Philadelphia-based Lannett Co., Cody Labs has already started building the new production facility on Cody’s northern edge, the Powell Tribune reported (http://bit.ly/2yyphH5).
Cody Labs officials originally thought the expansion would cost $45 million and create 39 new jobs. However, the company now figures it will cost $50.5 million while creating 57 jobs. Cody Labs currently has around 126 employees.
At a Sept. 14 Wyoming Business Council meeting, Cody Labs President Bernhard Opitz said the changes stem from the company’s chemists and engineers coming up with some innovative ideas.
Those changes, Opitz said, more than doubled the facility’s estimated production capacity from 11 metric tons per year to 25 metric tons per year.
The company requested state loans totaling $33.75 million. The Wyoming Business Council settled on a new $12 million loan, bringing the total state loans for the company to $23 million if the state loan board approves.
“I think it’s a fantastic project. It adds jobs to the State of Wyoming; it’s what we’re looking for,” Business Council member Cactus Covello of Torrington said.
Information from: Powell (Wyo.) Tribune, http://www.powelltribune.com