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
-- Integrated Nonclinical Development Solutions, Inc., based in Ann Arbor,
awarded $50,000, provide toxicology providing consulting and informatic
|SOURCE Ann Arbor SPARK|
Copyright©2007 PR Newswire.
All rights reserved