Boston, MA 03/06/2014 (wallstreetpr) –Lannett Company, Inc. (NYSE:LCI) is set to be the latest beneficiary of the spirited efforts by Wyoming to entice private investors to the state. A very important state loan program has sailed through and now that means that the way is cleared for the pharmaceutical company to expand its Cody lab.
Lannett Company, Inc. (NYSE:LCI) is concerned with the developing, manufacturing and marketing of generic pharmaceutical products. The company is mostly engaged in manufacture and sale of prescription products. Shares of the company were last seen changing hands at $45.15, after gaining more than 2.3 percent in the regular session Wednesday. The Wednesday session saw a significantly high volume of shares being traded, on the back of the good news from Wyoming.
Cody lap project
Lannett Company, Inc. (NYSE:LCI) is planning $100 million to invest in the expansion of its Cody lab. Towards that end, the company will now be given $24 million in state loan after legislators passed the new state loaning program.
Expansion of the Cody lab is a project that Lannett Company, Inc. (NYSE:LCI) hopes will be able to boost its line of generic prescription products to eventually lead to better revenue and profits for shareholders. Lannett Company, Inc. (NYSE:LCI) is among the promising pharma stocks and the management seems to be interested in keeping their flame of growth burning.
Efforts to lure investors
Lannett Company, Inc. (NYSE:LCI) will be getting a much bigger state support in form of loan for its Cody lab project. Yet it is one out of the several companies that the state has been able to woo to its side. Last month, the state approved a grant of $13 million to Magpul Industries so that it could move its manufacturing operations to the state. Magpul Industries is a maker of magazines for guns.
Also, in 2012 the state extended about $10 million grant plus other incentives to win over Microsoft Corporation (NASDAQ:MSFT)’s $112 million data center project.
Investor Takeaway
Lannett Company, Inc. (NYSE:LCI) reveals interesting strength. The planned expansion of Cody lab is just one in a series of projects that the company hopes will boost its performance. Thus, lead to maximized investment value for the shareholders. You may not want to touch the dial here.
