Charlottetown drug manufacturer BioVectra Inc. on Thursday announced the opening of its new flagship warehouse and process development suites.

The company said in a statement the new 21,000-square-foot warehouse enhances BioVectra’s ability to grow with the global demand for its products and services. Equipped with 400 pallet positions, the new warehouse also provides the opportunity to grow with built-in expansions.

Founded in 1970 by J. Regis Duffy, then Dean of Science at the University of Prince Edward Island, BioVectra now manufactures products for drugmakers around the world. In 2013, its founders sold BioVectra for up to $100 million to Questcor Pharmaceuticals of Anaheim, Calif.

“A vibrant and successful BioScience cluster holds one of the keys to continued growth and prosperity for Canada,” BioVectra President Oliver Technow said in the statement. “BioVectra is well positioned as a leader in the highly competitive market we participate in, capitalizing on our unique capabilities, 300 tremendously skilled employees and unwavering commitment to quality.”

He added the company’s recent and future investments demonstrate its ability to remain competitive and to be at the global forefront of innovation. “Our new, state-of-the-art warehouse meets our business needs of today and the future, exemplifying our dedication to grow further,” he said.

BioVectra’s opening coincides with Global Biotech Week, a Canadian initiative that originated in 2003 to raise awareness of the industry and its global potential.

With a total investment of $4M, the new warehouse is equipped with a devoted loading dock, dedicated sampling rooms, robust security system and tight temperature controls to keep products at their required temperatures.

“Global Biotech Week provides an important opportunity to recognize and celebrate biotechnology innovation and the role it plays in addressing environmental and health challenges,” President and CEO of BIOTECanada Andrew Casey said. “Canada is one of a number of nations that are home to thriving and diverse biotechnology ecosystems which are developing game changing and life altering innovations.”

Meanwhile, BIOTECanada on Thursday recognized one of BioVectra’s former executives Ron Keefe, presenting him with the Gold Leaf Award for contributions to the association.

Keefe was CEO of BioVectra for 11 years and is now the CEO of the Regis Duffy BioScience Fund Inc., a private venture fund targeting science based businesses. He is a past Director and Chairman of the Maritime Electric and a current member and past Chairman of the Board of the PEI BioAlliance Inc.