A pair of sister companies that are developing pharmaceuticals and supplements are setting up shop in the city of Charleston's Flagship 2 business incubator.

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New World Pharmaceuticals LLC and New World Consumer Products LLC said they expect to invest more than $21 million and create more than 38 jobs over the next five years, according to a statement from Gov. Nikki Haley's office.

The companies swill be based at 78 Alexander St. on the peninsula.

Fred Sexton, founder and president, said he picked Charleston to be near educational institutions that could help with research and development of the companies' technology and products.

New World expects to receive an investment from the S.C. Research Authority's SC Launch venture capital program.

The state Coordinating Council for Economic Development approved tax credits that can be claimed as jobs are created.

Founded in 2007 in New Jersey, New World Pharmaceuticals is focused on drug delivery systems that remove or mitigate constraints to taking medications and supplements. It is developing two trademarked technologies.

New World Consumer Products is launching XRCEL TM, a nutritional supplement described as "sports performance fuel" for athletes.