Canada-based clinical-stage biopharmaceutical company, POINT Biopharma (POINT) invests more than US$25 million to launch its first drug manufacturing facility in Indianapolis, US.
With an investment of more than US$25 million, the company will own and renovatethe current 77,000-square-foot, building in Indianapolis into an advanced facility compliant with Good Manufacturing Practices (GMP).
The new buildingcreates an opportunity to fasten drug manufacturing activities, planning to develop and distribute more than 400,000 dosesannually. In addition, the expansion includes custom equipment to further improve packaging and distribution capabilities by establishing clean-room manufacturing facilities.
The new manufacturing site enables patients globally by providing life-saving cancer treatments, allowing company to deliver its products to other coast markets quickly.
Initially, more than 30 Indiana-based employees are hired to speed up manufacturing activities.It is anticipated to open 100 new job opportunities, shaping the future of companyby the end of 2024.
The project is expected to relocate to its new location in the second half of 2020, while the facility to be completed and fully be operational by 2021.