Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) said it has completed the design of its carbon-neutral pharmaceutical plant, accelerating the revenue generation timeline for the Frances Creek barium sulphate project.
The company said the plant, which will be in Alberta, Canada, is designed to process around 5,000 tonnes per year of Frances Creek US Pharmacopeia (USP) grade barium sulfate (barite) concentrate.
It is designed to produce revenue streams from pharmaceutical barium and iodine contrast media products for the radiology drug market, Voyageur said.
READ: Voyageur Pharmaceuticals signs MOU to develop fullerene contrast agents for medical imaging applications and carbon capture technology
The total capital cost of the project is expected to be C$30 million, excluding land, the company said.
Voyageur CEO Brent Willis said building the first carbon-neutral pharmaceutical facility in Alberta would be a major milestone for Voyageur.
“The added benefit of de-carbonizing our customer base by utilizing our carbon credits will make our product line unique and attractive to ensure potential high growth,” he said.
He added that North America was experiencing critical pharmaceutical supply chain challenges.
“It is becoming paramount for Canadian companies to focus on domestic production of pharmaceuticals to fulfill the needs of our health care system in North America,” Willis said.
“Voyageur’s integrative approach to carbon-neutral contrast media manufacturing will become an important factor for health care security, with a strong focus on our environment.”
Voyageur Pharmaceuticals is focused on the development of barium, iodine and carbon active pharmaceutical ingredients and high-performance cost-effective imaging contrast agents for the medical imaging marketplace.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie