Paragon Care Limited (ASX: PGC) (“Paragon Care” or the “Company”), a leading provider of medical equipment, devices, and consumables to the healthcare markets in Australia and New Zealand, is pleased to announce that it has entered into a strategic partnership with Centuria Healthcare for the long-term lease of a state-of-the-art clean room facility, laboratories, and office complex in the Monash precinct located in the Eastern suburbs of Melbourne.
Under the terms of the strategic partnership, Centuria will take possession of the property in December 2021 and fund the upgrade of the facilities to a state-of-the-art clean room, laboratories, and office complex to Paragon specifications with works to be completed in April 2022. This new state-of-the-art facility will enable Paragon to expand its laboratories that manufacture Immulab's world-leading blood reagent products to meet future demand in Asia with minimal upfront capital cost. Following completion of Centuria's refurbishment works in April 2022, a fit-out is expected to take 3-6 months with Paragon moving into the new state-of-the-art facility in December 2022.
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