Navigation Links
Ann Arbor SPARK Receives $3.75M from Michigan's Company Formation & Growth Fund
Date:11/29/2007

Five Companies Receive Initial Funding to Retain Pfizer Assets, Talent

ANN ARBOR, Mich., Nov. 29 /PRNewswire/ -- Ann Arbor SPARK has been awarded $3.75 million by the state of Michigan through the 21st Century Jobs Fund. The Company Formation and Growth Fund, a state of Michigan loan fund with a low interest rate, is intended to encourage the retention of Pfizer assets and talent in the region. Job creation is vital for consideration for approval of funding through the Company Formation and Growth Fund.

"The Company Formation and Growth Fund provides the essential capital for jobs creation as well as support for start-up companies that can retain displaced Pfizer talent in our region," explained Michael A. Finney, Ann Arbor SPARK CEO. "Providing an economic catalyst for entrepreneurial growth is vital to our region's success; the Company Formation and Growth Fund's focus on creating new jobs for talented biotech professionals is an exciting opportunity."

Ann Arbor SPARK has distributed $1.5 million of the funds it received to five life science companies in the region:

-- Phrixus Pharmaceuticals, a heart repair pharmaceutical company based in

Ann Arbor that is focused on therapeutic drug discovery for heart

failure, was awarded $350,000.

-- Jackson-based TransPharm Preclinical Solutions, specializing in animal

infection studies and contract research studies to test new antibiotic

drugs, was awarded $400,000.

-- SensiGen LLC, based in Ann Arbor, was awarded $300,000, to support its

gene-based molecular diagnostics work.

-- Ann Arbor-based Lycera, Inc., awarded $400,000, develops small molecule

drugs for the treatment of psoriasis, rheumatoid arthritis, lupus and

cancer.

-- Integrated Nonclinical Development Solutions, Inc., based in Ann Arbor,

awarded $50,000, provide toxicology providing consulting and informatic

services.

The first round of companies receiving Company Formation and Growth loans currently employ 20 individuals and have estimated that an additional 49 jobs will be added to the region in 2008.

Those interested in applying for funding through the Company Formation and Growth Fund can obtain an application through their local SmartZone. Information about the loan fund is available online at: http://www.annarborspark.org In addition to the application, the company will need to supply a Certificate of Good Standing with Michigan, a business plan or overview, and document that spells out the use of funds.

In keeping with the Company Formation and Growth Fund's emphasis on job creation, as part of the application process, mature companies must complete an employee retention form identifying how many employees they have and how many former Pfizer employees they will be hiring before the end of 2008. Start-ups are required to include a statement with their application that outlines how many employees they will be hiring in 2008 and how many of those hires will be former Pfizer employees.

About Ann Arbor SPARK

Representing all communities in Washtenaw County, Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, the Herbert and Grace Dow Foundation, Pfizer, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor, the Michigan Economic Development Corporation and the Ann Arbor/Ypsilanti LDFA. For more information, please call (734) 761-9317 or visit http://www.AnnArborUSA.org.


'/>"/>
SOURCE Ann Arbor SPARK
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. New Competitive Intelligence Speakers Spark Interest in Pharmaceutical Conference on October 1-2 in NJ
2. Reclast(R) Receives US FDA Approval as First and Only Once-Yearly Treatment for Women With Postmenopausal Osteoporosis
3. Ciphergen Biosystems Receives Noncompliance Letter From The Nasdaq Stock Market
4. Indevus Receives Approvable Letter From FDA for VALSTAR(R) for Bladder Cancer Therapy
5. Anesiva Receives FDA Approval for Zingo(TM), a New, Innovative Product to Reduce Pain Associated with Needle Insertion Procedures in Children
6. IsoTis Receives FDA Clearance for Accell Family of Products
7. Actavis Receives Approval of Fentanyl Transdermal System in the U.S.
8. AGA Medical Corporation Receives FDA and CE Mark Approvals for the AMPLATZER Vascular Plug II
9. IDM Pharma Receives Not Approvable Letter for Mifamurtide (L-MTP-PE) for the Treatment of Osteosarcoma
10. XTL Receives Staff Letter From NASDAQ
11. XTL Receives Staff Letter From NASDAQ; XTL may Transfer its ADR Listing to the NASDAQ Capital Market
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/9/2017)... ... ... At its national board meeting in North Carolina, ARCS® Foundation ... Physics and Astronomy, has been selected for membership in ARCS Alumni Hall of ... Breakthrough Prize in Fundamental physics for the discovery of the accelerating expansion of the ...
(Date:10/9/2017)... ... October 09, 2017 , ... ... medical journal, Epilepsia, Brain Sentinel’s SPEAC® System which uses the surface electromyography ... generalized tonic-clonic seizures (GTCS) using surface electromyography (sEMG). The prospective multicenter phase ...
(Date:10/7/2017)... WA (PRWEB) , ... October ... ... industry leader in Hi-C-based genomic technologies, launched its ProxiMeta™ Hi-C metagenome deconvolution ... ProxiMeta Hi-C kit and accompanying cloud-based bioinformatics software to perform Hi-C metagenome ...
(Date:10/6/2017)... ... October 06, 2017 , ... ... healthcare and technology sector at their fourth annual Conference where founders, investors, innovative ... speakers and the ELEVATE pitch competition showcasing early stage digital health and med ...
Breaking Biology Technology:
(Date:4/11/2017)... 11, 2017 Crossmatch®, a globally-recognized leader ... today announced that it has been awarded a ... Activity (IARPA) to develop next-generation Presentation Attack Detection ... "Innovation has been a driving force within Crossmatch ... allow us to innovate and develop new technologies ...
(Date:4/11/2017)... BROOKLYN, N.Y. , April 11, 2017 /PRNewswire-USNewswire/ ... identical fingerprints, but researchers at the New York ... University College of Engineering have found that partial ... fingerprint-based security systems used in mobile phones and ... previously thought. The vulnerability lies in ...
(Date:4/6/2017)... -- Forecasts by Product Type (EAC), Biometrics, ... (Transportation & Logistics, Government & Public Sector, Utilities / ... Facility, Nuclear Power), Industrial, Retail, Business Organisation (BFSI), Hospitality ... looking for a definitive report on the $27.9bn Access ... ...
Breaking Biology News(10 mins):