SAN DIEGO, Nov. 17, 2015 /PRNewswire/ -- Pharmatek, a contract development and manufacturing organization supporting the pharmaceutical industry, was recognized by the California Governor's Office of Business (GO-Biz) and Economic Development with a California Competes Award. The $265,000 income tax credit will aid in the Company's ongoing growth and expansion.
The aptly named Cal Competes Tax Credit (CCTC) is one of the nation's most effective and aggressive tools for encouraging companies to expand and add jobs in California. Companies throughout California are working to utilize these tax credits to expand and continue to foster the state's economic growth over the upcoming years. Pharmatek was granted the tax credit because of the Company's continued commitment to local job creation and investment.
"We are grateful to the State of California and the GO-Biz office for this award," stated Timothy Scott, president of Pharmatek. "As a company founded in San Diego, Pharmatek is honored to be in a position to create more high-paying jobs and expand our facilities in the community we call home."
Pharmatek is growing its operations in San Diego, including an expansion to 64,000 sq. ft. at its current facility, the purchase of larger scale manufacturing equipment, and the addition of new pharmaceutical and manufacturing positions for the San Diego life science community.
Pharmatek is a dosage form development and GMP manufacturing company providing full-service pharmaceutical chemistry product development and manufacturing for the pharmaceutical industry. Pharmatek focuses on bringing client compounds from discovery to the clinic with services that include compound selection, analytical development, preformulation testing, formulation development, GMP manufacturing, stability storage and testing, clinical packaging, labeling and distribution, and cytotoxic and high-potency drug development.
Statements contained in this media release which are not historical facts may constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected including sales forecasts and strategic expansion. The trademarks Pharmatek, Pharmatek Laboratories, Inc., Hot Rod Chemistry, Pharmatek Formulation Screening, Pharmatek University and PTEK U are all property of Pharmatek Laboratories, Inc. Additional information about Pharmatek Laboratories may be obtained at the website http://www.pharmatek.com or by calling 858-805-6383.
Elizabeth Hickman, Associate Director, Marketing
Pharmatek Laboratories, Inc.
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SOURCE Pharmatek Laboratories, Inc.