RXQ construction project delayed, tax abatement extended
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Edward Zatta (left), president RXQ Compounding, and business partner Christopher Tenoglia, are seen in February 2018 standing in front of steel framing for the company’s manufacturing facility that is under construction in Albany.
Note: This story appears in the Thursday, Feb. 28 newspaper on Page A3.
A tax abatement previously approved for expansion of RXQ Compounding has been pushed back a year because completion of a manufacturing facility in Albany has been delayed.
The 10-year, 60 percent tax abatement on property improvements will now start in 2021 for tax year 2020. Construction is now slated to be completed by June 30 of this year.
Company founder and President Ed Zatta told the commissioners that contractor issues have put the project a year behind schedule.
RXQ Compounding is a maker of sterile pharmaceuticals and currently operates out of the Ohio University Innovation Center.
“We’re up to 74 employees right now at the old location,” Zatta told the commissioners. In February 2018, Zatta told The Messenger that RXQ had 37 employees.
He said Tuesday that the company will need to build or lease additional office space.
Zatta said the company currently works 10-hour shifts. “We’re going to work in there from 8 in the morning to 11 at night at the old facility to meet the demand,” Zatta said.
RXQ has also acquired Triangle Compounding in Cary, North Carolina.
“We brought all their business up here from Cary,” Zatta said.
RXQ has secured its first major hospital commitment involving hospitals in North and South Carolina and a couple in Georgia, and is expecting to be awarded its first Veterans Administration contract, according to Zatta.
“Those two more than double our sales in the next six months,” Zatta told the commissioners. Additional hospitals are expected to be added as customers when the move is made to the new facility.
“It sounds like there’s always bumps in the road, but a lot of good things are going your way,” Commissioner Chris Chmiel told Zatta.
