Panaceutics to Invest $5.8M in Mfg. Operation

Panaceutics, a manufacturer of personalized medicine and nutrition solutions, unveiled plans to invest $5.8 million to establish a research and development and high-tech manufacturing facility in the Ringgold East Industrial Park in Pittsylvania County, Virginia. The project once complete will create 70 new jobs.

“Virginia’s business-friendly environment, higher education system, and robust talent pipeline make the Commonwealth an ideal home for entrepreneurs like Panaceutics that are creating valuable, 21st-century jobs,” said Virginia Governor Ralph Northam. “I’d like to recognize The Launch Place for fostering an environment that helped Panaceutics reach this impressive level of growth, as well as Pittsylvania County and the Southern Virginia Regional Alliance for their efforts to help this great company thrive in the Commonwealth.”

Panaceutics focuses on nutraceuticals and food products through a small batch manufacturing platform technology. The Launch Place, located in Danville, VA, initially invested a total of $500,000 to help the start-up. Since that time, the company developed a patented automation and proprietary software platform enabling personalized multi-compound formulations designed to disrupt the current multiple pill paradigm. Panaceutics said its goal is to enable delivery of personalized nutraceuticals and pharmaceuticals in a wholesome food source. Its product is delivered in custom-made, good-tasting, and easy-to-swallow multi-compound gels in a convenient soft pouch.

“In addition to providing the necessary manufacturing space, logistical support, rapid access to skilled workforce, and capital support, Panaceutics recognized the strong commitment to fostering the growth of innovative companies by the entire region and the Commonwealth of Virginia,” said Mark Montgomery, chief executive officer, Panaceutics. “As a company, we are extremely excited about the growth possibilities that this investment creates for Panaceutics.”