House advances loan program to help Cody lab

By: AP
By: AP

Cheyenne, WY (AP) - The Wyoming House of Representatives has advanced a bill to create a large-project loan program that supporters say would allow the state to lend money to a pharmaceutical company that's considering expansion of its Cody lab.

The House on Monday gave preliminary approval to the bill. Loans under the program would require approval from the governor and state treasurer. They would be restricted to private entities that promise to create jobs.

Cody Republican Sen. Hank Coe is sponsoring the bill. He has said the program would allow the state to lend $24 million to Lannett Co. Inc., which is considering a nearly $100 million expansion of its Cody lab.

Lyman Republican Rep. Allen Jaggi spoke against the bill, saying he didn't believe the loan program was appropriate for the state.

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