CHEYENNE, Wyo. (AP) — The State Loan and Investment Board has approved loaning an additional $12 million to a pharmaceutical manufacturer in northern Wyoming.

The board made up of Gov. Matt Mead and the four other statewide elected officials unanimously approved the new loan for Cody Laboratories on Thursday.

The board last year approved an $11 million loan to the company. The additional loan will bring the total to $23 million.

The interest rate and other details of the loan still have to be worked out.

Cody Labs President Bernhard Opitz told the board the loans will allow the company to expand production and research so the company can sell its products worldwide.

He says the company will be adding nearly 60 new employees to its current workforce of 135.