CHARLESTON,Pilot Therapeutics Holdings, a specialty pharmaceutical company developing and commercializing a portfolio of over-the-counter products, has accepted a $10 million incentive package from the state of South Carolina to relocate its headquarters there from Winston-Salem.
According to Pilot, the move to the Charleston area will enable it to more rapidly advance preparations for the regional commercial launch of Airozin, the company’s lead over-the-counter (OTC) medical food product for the dietary management of asthma, planned for late 2002.
North Carolina recently made a more than $8 million counteroffer that proved to be insufficient to keep Pilot in Winston-Salem.
The company was spun off from Wake Forest University School of Medicine in 1999.
Additionally, British company Kings had signed on to produce borage plants for the product said it will grow the crops and base its operations in the state where Pilot locates.
South Carolina is offering Pilot a wide range of performance-based
incentives, authorized by state statute, to include job tax and development credits with an estimated value of approximately $10 million in accordance with program criteria. In addition, the state is offering assistance through grants, loans and industrial revenue bonds, as well as assistance in employee training.
Pilot says the incentives will enable it to continue the development of its pipeline of pharmaceutical and OTC medical food products that
address asthma, arthritis, elevated triglycerides associated with heart disease, diabetes and stroke, acne, and cancer and accelerate the company’s reparations to commercially launch Airozin.
The safety and efficacy of Airozin for the dietary management of asthma is supported by positive results from five linical trials completed at major medical centers and contract research rganizations. The recently completed fifth clinical trial demonstrated that Airozin significantly reduces leukotriene levels in asthmatics through dietary means. Leukotrienes cause many of the signs and symptoms of asthma, and blocking these inflammatory substances is known to decrease the requency and severity of asthma attacks.
Pilot will be located temporarily just outside of Charleston on Daniel sland until a permanent facility is established. The Daniel Island facility is expected to be fully operational by Dec.31. Also by the end of the ear, Pilot expects to announce the South Carolina location for its planned roduction and manufacturing facilities, which will take approximately two ears to construct and become operational.
Eventually, Pilot expects to grow approximately one-third of the borage eeded for the company’s products in South Carolina to ensure the consistent nd efficient supply of borage-derived gammalinolenic acid, which is a key ngredient in Airozin.
“As a world leader in understanding the role of fatty acids and illnesses, Pilot Therapeutics’ innovative products will dramatically impact the state’s arming infrastructure putting hundreds of family farms back to profitability while giving unlimited hope to millions with chronic diseases,” Gov. Hodges said in a statement.
Pilot Therapeutics: www.pilotp.com