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Teligent, Inc. Advances $50 Million Facility Expansion
Officials and Employees Celebrate Construction Progress Underway
Jul 6, 2016
BUENA, N.J., July 6, 2016 /PRNewswire/ -- Teligent, Inc. (NASDAQ: TLGT), a New Jersey-based specialty generic pharmaceutical company, recently held the formal groundbreaking ceremony for the ongoing expansion of its manufacturing and research and development complex in Buena, NJ. The $45-50 million project will increase the facility's footprint by more than 75,000 square feet, a 200% increase to current operations. Once completed, the expansion will include the installation of a new isolator-based sterile injectable manufacturing suite and will deliver a significant increase to the company's manufacturing capacity for topical pharmaceutical products.
''We are making very good progress on our expansion, and this ceremony was an opportunity to celebrate what we are building together,'' commented Teligent's President and Chief Executive Officer, Jason Grenfell-Gardner. ''We continue to be on track for project completion by the end of 2017.''
The Lieutenant Governor of New Jersey, Kim Guadagno, and officials from state, county and local government offices also participated in the groundbreaking event.
''This is a proud moment for Teligent and Buena Vista Township, and it is the start of bigger and better times to come,'' said Mayor Chuck Chiarello, on behalf of the Township Committee that was in attendance at the event.
As part of the event, the company also published the results of an economic impact study of the expansion recently conducted by Richard Perniciaro, Ph.D., Center for Regional & Business Research at Atlantic Cape Community College. The analysis determined that the construction phase of the project will provide $78 million in new economic activity to the Southern New Jersey region. In addition, Teligent expects to increase the number of employees at the facility by nearly 70%, to almost 200, after the expansion is complete. The complete economic impact study can be found here.
''This plant expansion reflects the reality that you can never stand still in our industry," concluded Grenfell-Gardner. ''More importantly, it represents the vision and courage that all of our employees have to build a stronger, more capable, and more resilient organization for the future.''
About Teligent, Inc.
Teligent is a specialty generic pharmaceutical company. Our mission is to be a leading player in the specialty generic prescription drug market. Learn more on our website www.teligent.com.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions, and other statements contained in this press release that are not historical facts and statements identified by words such as "plan," "believe," "continue," "should" or words of similar meaning. Factors that could cause actual results to differ materially from these expectations include, but are not limited to: our inability to meet current or future regulatory requirements in connection with existing or future ANDAs; our inability to achieve profitability; our failure to obtain FDA approvals as anticipated; our inability to execute and implement our business plan and strategy; the potential lack of market acceptance of our products; our inability to protect our intellectual property rights; changes in global political, economic, business, competitive, market and regulatory factors; and our inability to complete successfully future product acquisitions. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under the caption "Risk Factors" in Teligent, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other periodic reports we file with the Securities and Exchange Commission. Teligent, Inc. does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.
SOURCE Teligent, Inc.