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Three Michigan Companies Expand in Ann Arbor with MEDC Support
Date:5/19/2009

ANN ARBOR, Mich., May 19 /PRNewswire/ -- Three Ann Arbor-based companies are planning to expand in the region with support from the Michigan Economic Development Corp. Velesco Pharmaceutical Services, CAS-MI Laboratories and Essen Instruments were all approved today for MEGA tax credits from the State of Michigan.

"It is exciting news and a testament to the strong entrepreneurial culture supported in the Ann Arbor region that these three companies are choosing to expand in our community," said Michael A. Finney, CEO of Ann Arbor SPARK. "The Ann Arbor region and all local businesses benefit from the strong partnership that exists between state and local leaders."

Velesco Pharmaceutical Services, founded by former Pfizer employees in 2007, provides analytical and drug formulation to small- and medium-sized pharmaceutical companies. The Ann Arbor company plans to invest $1.8 million to expand its laboratories at the Michigan Life Science and Innovation Center in Wayne County and to establish a manufacturing facility in the Kalamazoo area. The project will create 109 total jobs, including 35 directly by the company. The MEDC estimates that increased economic activity created by the project will create an additional 74 indirect jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at $431,536 over seven years to encourage the company to expand in Michigan over competing sites in California and Massachusetts.

CAS-MI Laboratories, a contract research, product development and testing center, plans to invest $3.6 million to expand its research and development services in Ypsilanti. The project is expected to create 124 jobs, including 60 directly by the company. The MEDC estimates the increased economic activity created by the project will create an additional 64 indirect jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at
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SOURCE Ann Arbor SPARK
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