Iroko Pharmaceuticals will invest $15.4 million into an expansion project moving its headquarters into 56,000-sq.-ft. of leased space at the Philadelphia Navy Yard Corporate Center in south Philadelphia, according to a story by the Philadelphia Business Journal. About 150 new employees are eventually expected to be added to its existing workforce of 50 employees.
The move should be complete by fourth quarter 2012. Currently the firm takes up 19,000-sq.-ft. of space at the corporate facility.
Founded in 2006, Iroko specializes in nanoformulation technology used to to create improved versions of existing nonsteroidal, anti-inflammatory drugs.
Iroko President/CEO John Vavricka said his company needs the additional room to prepare for the anticipated launch of a new drug product, slated for 2013. "We've run out of space," he said. "Launching a product in the United States is going to require a much larger footprint."
Iroko was initially drawn to the location due to the numerous advantages Philadelphia offers life sciences businesses, such as its "highly educated workforce and research infrastructure," said a company official.