Corning Receives Nearly $104 Million in Additional Funding from BARDA for Planned Domestic Glass Tubing and Vial Manufacturing
Corning (GLW) announced it will receive $103.8 million from the U.S. Department of Health and Human Services’ BARDA to expand its manufacturing of advanced pharmaceutical glass tubing and vials. This funding aims to enhance the healthcare industry’s capability to meet public health demands, particularly in response to the COVID-19 pandemic. The investment will focus on increasing production in Vineland, NJ, and Durham, NC, addressing efficiency constraints in the domestic pharmaceutical supply chain.
- Secured $103.8 million in funding from BARDA, enhancing manufacturing capacity.
- Investment aims to improve domestic pharmaceutical supply chain efficiency.
- Expansion of production in Vineland, NJ, and Durham, NC, supports public health.
- None.
CORNING, N.Y., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE: GLW) today announced it will receive
“Corning’s pharmaceutical glass packaging has played a critical role in ensuring the safe and on-time delivery of critical medications,” said Brendan Mosher, vice president and general manager, Corning Pharmaceutical Technologies. “Our Valor® Glass and Velocity® Vials are some of the strongest, fastest to fill, and highest-quality pharmaceutical glass vials available. Our products play a critical role in helping to protect patients by improving glass quality, lowering the risk of contamination, and helping to accelerate the delivery of lifesaving treatments.”
Through this planned investment in Corning’s pharmaceutical glass manufacturing capacity, the U.S. government will strengthen the domestic pharmaceutical supply chain by directly addressing manufacturing efficiency constraints. Under the new agreement funded by BARDA, Corning will continue to expand pharmaceutical tubing manufacturing capacity in Vineland, New Jersey, and vial manufacturing capacity in Durham, North Carolina.
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For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.
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About Corning Incorporated
Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.
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