CoreRx, Inc. Expanding Tampa Pharmaceutical Formulation Development Headquarters

CoreRx, Inc. Expanding Tampa Pharmaceutical Formulation Development Headquarters

Formulation Development firm CoreRx announces new facility which will add capacity, additional capabilities to growing laboratory in order to meet growing customer demands.

TAMPA, FL June 3, 2009 - CoreRx, Inc., a Tampa-based pharmaceutical company, announced today it has launched a major expansion of its pharmaceutical development headquarters.

CoreRx, with 13 employees today, has operated in Tampa since 2006 and will create over 55 new jobs over the next three years, making it eligible for Florida's Qualified Target Industry Tax Refund incentive program. The highly-skilled new jobs will yield average salaries meeting or exceeding 150% ($58,445) of the state's average annual wage.

"At the behest of several of our clients, CoreRx is looking to the future, and expanding," said CoreRx President and CEO, Dr. Todd R. Daviau. "We will be expanding not only our formulation laboratory, but we will be increasing the size and capabilities within our analytical, formulations and manufacturing departments. Over the next several months we will increase from our current 10,000 sq ft facility to approximately 80,000 sq ft within the new facility currently undergoing over $5Million in renovations. The new facility will be equipped with over 15,000 sq feet of laboratory space, 8 state-of-the-art formulation development suites and 11 cGMP manufacturing suites, including cytotoxicity suites which will provide total engineered containment of pharmaceutical processes through custom-designed isolation technologies."

"We're excited about CoreRx's growth in Florida," said John Adams Jr., president & CEO of Enterprise Florida, the state's principal economic development organization. "It illustrates the success of our efforts to retain and recruit companies in the corporate headquarters and life sciences clusters. And, thanks to committed partnerships regionally and statewide, we have a business climate that fosters the growth of companies like CoreRx."

Hillsborough County Board of County Commissioners Chairman Ken Hagan expressed appreciation for the company's decision to expand locally and said, "CoreRx was founded here and is poised for accelerated growth which could just as easily have located elsewhere in the country.  We are pleased we have been able to accommodate the company's expansion here.  This was truly a team effort and the collaboration among the Governor's Office of Tourism, Trade and Economic Development, Enterprise Florida, USF, Committee of One Hundred and County's Economic Development Department helped make this deal a reality for our community."

CoreRx brings together innovation & scientific expertise. Combining our scientific know-how, industry experience, and commitment to quality. CoreRx has a proven track record for delivering innovative solutions, on-time, and on budget.

The facility is conveniently located in Tampa, Florida, a few miles from the Tampa International Airport. For more information, visit their website at www.corerxpharma.com or call (813) 514-9399.

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