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Governor Rendell Says Life Science Industry Will Fuel New Breakthroughs, Generate Jobs for Decades to Come
Date:12/15/2008

stments have placed Pennsylvania number three in employment by venture capital-backed companies, according to The National Venture Capital Association.

"Through 2007, our life sciences greenhouses received more than 800 applications requesting nearly $315 million. Today, there are more requests for funding than is available," the Governor said. "Additional funding and support to entrepreneurs, especially in the early stage, is critical to ensuring that Pennsylvania remains on the forefront of medical innovation.

"These investments are not only creating jobs and leveraging dollars for the commonwealth, they are fueling our talented researchers with the support they need to develop the next big medical innovation that will improve the lives of millions of people around the globe," Governor Rendell said.

As an example, the Governor said Neuronetics Inc., a privately held medical device company based in Malvern, Chester County, recently won U.S. Food and Drug Administration approval for a breakthrough treatment that will help thousands of people who suffer from depression. NeuroStar TMS (Transcranial Magnetic Stimulation) therapy system is the first and only non-systemic and non-invasive treatment cleared for patients who have not benefited from prior antidepressant treatment.

Neuronetics is a portfolio company of Quaker BioVentures -- one of the four private venture firms selected by the Tobacco Settlement Investment Board to manage and leverage $60 million. According to the TSIB 06-07 annual report, Quaker's return on investment is 26-to-1.

Pennsylvania is number one in the nation in biosciences, according to a study by Business Facilities magazine. The study cited "the diversity and depth of Pennsylvania's initiatives" in giving it its top ranking. It used more than 20 criteria to develop its list, including the amount of state research and development
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SOURCE Pennsylvania Office of the Governor
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