Minister Martin announces TopChem Pharmaceuticals is to establish a new Facility in Co. Sligo

35 New High-Value Jobs to be Created

Today (Tuesday 26^th September 2006) Micheál Martin T.D Minister for Enterprise Trade and Employment announced that TopChem Pharmaceuticals Ltd, an EI client company, is to establish a new pharmaceutical manufacturing facility in Ballymote, Co. Sligo. 35 new high-value jobs will be created at the Sligo facility over the next 3 years.

Making the announcement the Minister said, “I am delighted to announce the establishment of a pharmaceutical manufacturing facility by TopChem Pharmaceuticals in Ballymote, Co. Sligo. With support of Enterprise Ireland, TopChem will develop and manufacture high-value pharmaceutical finished and intermediate products and will create 35 new highly qualified jobs, a high proportion of which will be at Masters or PhD levels.

“This investment is an endorsement for the North-West region. The availability of suitably qualified individuals, the proximity to third level institutions and the concentration of indigenous and multinational pharmaceutical firms in the region means that the North West is a location of choice for the pharmaceutical sector.

“Pharmaceuticals, Life Sciences, Biotechnology are knowledge intensive innovation driven sectors in which Ireland can develop and sustain a competitive advantage. This announcement is excellent news for the Sligo and the North West region”, the Minister said.

TopChem Pharmaceuticals Limited will research, develop and manufacture a range of pharmaceutical and medical products for international and domestic clients. Operations will commence early in 2007.

Commenting at the Announcement Barry Egan, Regional Director, North West Region, Enterprise Ireland said, “Donal Coveney and his team will bring extensive experience and expertise to this undertaking. Enterprise Ireland is pleased to be supporting such an important venture in the North West.”

Commenting on the Announcement Dr. Donal Coveney Managing Director, TopChem said, “Building on the success of our existing contract research business, we identified a market opportunity in high-cost pharmaceutical and medical products. This investment is a logical scale-up of our existing business and will drive our growth in revenues and employment.

“Sligo is an ideal choice of location with a combination of good access, a growing cluster of life-science and health care companies and a stream of well-qualified graduates from The Institute of Technology Sligo. This is a significant expansion for TopChem and is funded by an equity investment of €1.2m from Enterprise Ireland and Enterprise Equity Venture Capital Group”

TopChem Laboratories Ltd was established in Dublin in the year 2000. TopChem Pharmaceuticals is a wholly owned subsidiary of TopChem Laboratories.

ENDS /ETE 1628