The project was made possible, in part, by a $250,000 grant from the One North Carolina Fund.
Wages for the new positions will vary by job experience and responsibilities, but the overall average pay for the 55 jobs will be $58,455 a year, not including benefits, double the Caldwell County average of $28,184.
The company considered several locations in the United States, as well as Hyderabad, India.
“The affordable cost of living and the various grants and incentives added up to an overall lower cost of doing business,” said Phanesh Koneru, president and CEO of Galexe Pharma Sciences. “The invaluable support we received from the city of Lenoir, the officials at Caldwell County, the North Carolina Department of Commerce and the North Carolina Rural Economic Development Center is another important factor. Availability of local talent pool, proximity to several equipment vendors and milder year-round weather are additional factors.”
The One North Carolina Fund provides financial assistance through local governments to attract business projects that will stimulate economic activity and create new jobs in the state.
All of these grants require local matches and this grant is contingent upon local officials approving at least $250,000 in matching funds.
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