Velesco to invest $1.8 million, hire 35 people

Wednesday, May 20, 2009 | Source: Concentrate

Velesco Pharmaceutical Services is making another big investment in two of Michigan’s smartest college towns, Ann Arbor and Kalamazoo.

The Ann Arbor-based firm will utilize a $431,536 state tax credit over seven years to expand its laboratory space in the Ann Arbor area and open a new production facility in Kalamazoo. The $2 million investment is expected to create up to 35 jobs by 2014.

"This is a tremendous help for us to position us for success," says Gerry Cox, COO of Velesco Pharmaceutical Services.

The four-person firm was formed by ex-Pfizerites Gerry Cox and David Barnes shortly after the pharmaceutical giant closed its Ann Arbor campus in 2007. It provides drug formulation, analytical chemistry and early stage clinical GMP supplies to emerging biotech and pharmaceutical companies.

It works out of Ann Arbor SPARK's wet lab incubator in Plymouth. It plans to expand its presence in the Michigan Life Science and Innovation Center where it will perform analytical and drug formulation work.

Velesco also planning to open a 10,000-square-foot production facility in the Kalamazoo Commerce Center. It will manufacture GMP clinical trial supplies for pharmaceutical companies that are developing new medicines.

Source: Gerry Cox, chief operating officer for Velesco Pharmaceutical Services
Writer: Jon Zemke