New World Pharmaceuticals, a specialty pharmaceutical company, and sister company New World Consumer Products, a producer of scientifically-advanced products and supplements based on technology developed by New World Pharmaceuticals, will be locating their headquarters in Charleston, South Carolina. The companies expect to invest more than $21 million and create more than 38 new jobs over the next five years.
The new headquarters, at 78 Alexander Street, within Flagship 2 in downtown Charleston, will primary focus on the collaborative development of its trademarked IDDOCTM and XRCELTM technologies for pharmaceutical delivery. President and Founder Fred Sexton chose to locate both companies in the City of Charleston to be near educational institutions that could assist in continued research and development of the companies' technology platforms and product lines. New World will be participating in SCRA's SC Launch program that supports the growth of the knowledge economy in South Carolina.
"We are excited about our relocation to Charleston and looking forward to taking advantage of all that the city and the state have to offer. We were seeking a location where we would have access to recognized academic institutions and be in a state that is friendly to businesses and interested in working with companies to help them grow. The South Carolina Department of Commerce, SCRA, SC Launch, and CRDA have all been exceptionally helpful in the process,” Fred Sexton, President/Founder of New World Pharmaceuticals, LLC and New World Consumer Products, LLC.
"South Carolina has become a magnet for high-tech and innovative companies, including those in the life sciences sector. Experts predict that by 2020, our state's high-tech jobs should increase by nearly 20 percent, and with companies like New World taking root, I'd say we are definitely on the right track", said Secretary of Commerce Bobby Hitt. The Coordinating Council for Economic Development approved job develop credits for the project.
"We are delighted to welcome New World Pharmaceuticals to Charleston and to SCRA's SC Launch program. Our state's coordinated, pro-business environment continues to bring innovative, high-tech companies to the state, fostering our talent base and creating tremendous potential for further growth, “ SCRA CEO Bill Mahoney.
"We are pleased to welcome New World Pharma to the region. MUSC, SCRA, SC Launch and our region's concentration of scientific and technical professionals were critical factors in New World's decision to locate here. The companies will be assets to our community, “ Charleston Regional Development Alliance Board Chairman Bob Whitten.