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The town of Mount Pleasant and the Mount Pleasant Office of Economic Development announce the groundbreaking ceremony of GenPhar Inc., a biopharmaceutical company, at 10 a.m. Friday.
The ceremony will take place at Innovation Park adjacent to Morgan's Point Road in the economic development zone of The Market at Oakland.
GenPhar is in the final stage of development of several vaccines designed to provide protection against infectious diseases.
The company has 27 employees and will expand to more than 140 with an average hourly wage of $40 at the new facility. GenPhar will make a $33 million capital investment in the 50,000-square-foot production facility that also will provide corporate office and laboratory space. The facility is scheduled for completion in the first quarter of 2008.
"We are extremely pleased at GenPhar's commitment to remain a vital part of our corporate community. I appreciate the efforts of the many groups and individuals who worked very hard over the past several years to make GenPhar's investment in our community a reality," said Mount Pleasant Mayor Harry M. Hallman Jr. "We have a strong regional economic development team, and our future efforts will ensure GenPhar's continued growth and prosperity. The company's success will serve as a strong testimonial to attract additional bioscience investment in our community."
"Our Town Council and Economic Development Committee worked very hard to make this groundbreaking a reality," said council member Paul Gawrych. "The project did not happen overnight. It took a cooperative effort from our economic development allies and the property owner, Avtex Commercial, to make this happen. GenPhar is a highly innovative company that will provide high-paying jobs for our residents and pave the way for additional biotech opportunities."
Dr. John Dong, GenPhar's president and chief science officer, selected the Mount Pleasant site over locations in San Francisco, Seattle, Houston, Pittsburgh and the Research Triangle Park in North Carolina.
"There are significant resources and an untapped talent pool in this region," said Dong. "It is also one of the most beautiful natural environments in the world to attract and retain scientific talent from outside the community. I expect other biotech companies will capitalize on these resources."
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