Pharmaceutical manufacturer, RxAtlantic, is taking steps to bring its over-the-counter health and personal care products to markets across Canada and the United States with a $70,000 term loan from the Provincial Government.

"Newfoundland and Labrador is home to an increasingly creative and progressive manufacturing sector," said the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development. "The Provincial Government has taken great steps to work with local manufacturers like RxAtlantic to increase their competitiveness and viability in national and international markets. Through our broad range of business development programs, we are working with local businesses to facilitate positive activity that leads to new and greater opportunities."

Based in Mount Pearl, RxAtlantic develops, markets, and distributes health care products under the MedStop™ brand and personal care products under the TakeCare™ brands. The term loan will enable the company to purchase the necessary infrastructure, as well as assist with market development initiatives.

"We appreciate the support that the Provincial Government has provided RxAtlantic and look forward to growing the support of consumers in Newfoundland and Labrador," said Kevin Kelly, President, RxAtlantic. "It is through such support that RxAtlantic will become the world-class manufacturer that we are capable of becoming."

Consumers are showing greater acceptance of private-label, over-the-counter health brands due to improved education and awareness of the range of available products, along with lower costs. The company's health and personal care products are wide-ranging and include everything from shampoo to razors and headache relief to hand lotion.

"RxAtlantic represents the entrepreneurial spirit that exists in Newfoundland and Labrador," said Elizabeth Marshall, MHA, Topsail. "I am pleased that the Provincial Government has invested in programming that supports the long-term growth of operations that have the potential to contribute to the local economy and provide new employment opportunities."

For more information on its products, visit www.rxatlantic.com.

This initiative was provided through the Small and Medium-Sized Enterprise (SME) Fund, which through Budget 2009: Building on Our Strong Foundation has allocated more than $12 million for investment. The SME Fund is available for start-up, modernization, or expansion of a business venture in key growth sectors. A maximum of $500,000 is available per project with an applicant investment of up to 20 per cent of project costs.

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