An Ottawa Valley-based pharmaceutical company is planning to expand its operations after receiving money from the provincial government as part of a funding program designated for eastern Ontario.
Pillar5 Pharma Inc. got $1 million from the Eastern Ontario Development Fund, according to Brigitte Marleau, a spokeswoman for the province’s Ministry of Economic Development, Trade and Employment.
The money will allow the company to develop two new production lines that help with manufacturing and producing eyecare products, the province said in a news release.
“This expansion means we can offer our customers more solutions for their pharmaceutical outsourcing needs,” said Kevin Rampton, the company’s CEO, in the province-issued news release. “It also gives us greater capacity to increase production and explore new markets."
Pillar5 started in 2009. A group of investors purchased a plant that previously belonged to Pfizer and began producing over-the-counter and prescription pharmaceutical ophthalmic products.
The firm received $2.5 million from the federal government earlier this year to expand its production facilities.
The province has invested $63 million as part of the EODF since 2008, according to the province’s news release.