Navigation Links
PA Helping Life Science Companies Secure Venture Capital Needed to Expand, Gov. Rendell Says
Date:9/8/2009

$5 Million Loan Will Leverage $15 Million in Private Investment for Promising Western PA Companies

HARRISBURG, Pa., Sept. 8 /PRNewswire-USNewswire/ -- Early-stage life science companies in western Pennsylvania will be able to expand and create quality jobs with the help of a state investment in venture capital, Governor Edward G. Rendell said today.

"The life sciences are a growth sector for Pennsylvania," said Governor Rendell. "This industry creates opportunities for Pennsylvanians to obtain high-skill, high-wage jobs and has huge potential to be a major economic driver for the state."

The Commonwealth Financing Authority today approved $5 million for Pittsburgh-based Corridor Ventures through the New PA Venture Capital Investment program.

"This investment offers Corridor Ventures additional resources to boost up-and-coming Pennsylvania companies, put Pennsylvanians to work and spur our economy. We get a great return-on-investment," the Governor said, noting that Corridor Ventures is expected to leverage an additional $15 million in private funds to be used to invest in between six and eight early-stage life science companies in western Pennsylvania.

The New PA Venture Capital Investment program is a key component of Governor Rendell's original economic stimulus package through which the commonwealth provides loans to venture capital firms to invest in high-growth companies.

The program was authorized to provide $60 million in loans to venture capital fund managers and leverage another $180 million in private equity for a total investment of $240 million in Pennsylvania's economy. To date, $45 million of the $60 million available has been committed.

For more information on the New PA Venture Capital Investment program or Pennsylvania's other venture capital initiatives, visit www.newPA.com or call 1-866-466-3972.

The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his newsletter, visit www.governor.state.pa.us.

    CONTACT:
    Jamie Fulginiti (DCED)
    717-783-1132

    Michael Smith
    717-783-1116


'/>"/>
SOURCE Pennsylvania Office of the Governor
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Aidas Rh-Apo2L Clinical Testing Shows Preliminary Efficacy in Helping to Treat Lung Cancer, Stomach Cancer, Lymphoma, Pancreatic Cancer & Kidney Cancer
2. Siemens Building Technologies Helping Companies Participate in EPA Labs21 Movement With Comprehensive Compliance Solution Strategy
3. In the Midst of International Economic Crisis, VidaCura Offers a Helping Hand to Those Without Insurance
4. Global Vision Recognized for Helping Pharmaceutical Companies Achieve Complete Artwork and Copy Accuracy in their Packaging Process
5. Bioamber announces worlds first bio-based succinic acid plant: helping to reduce dependence on fossil fuels
6. Helping Young Women Succeed in Todays Unpredictable World
7. Value-Based Insurance Design: Helping Employers Improve the Value of Health Care
8. YM BIOSCIENCES ANNOUNCES COMPLIANCE WITH AIM RULE 26
9. Selection of Development Candidate Triggers $0.5 Million Milestone Payment to Ardea Biosciences, Inc.
10. ImmuneRegen BioSciences Files 8-K that Highlights Enclosed Shareholder Letter Discussing Recent Achievements and Outlook
11. Advanced Life Sciences Announces Receipt of Nasdaq Staff Letter
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/18/2017)... ... May 16, 2017 , ... Clinical Supplies Management (“CSM”), a Great Point Partners ... to grow. CSM has doubled in size over the past six months with ... strategy. , Roger Gasper joins CSM as Chief Financial Officer. Roger has over ...
(Date:5/18/2017)... SANTA BARBARA, CALIFORNIA (PRWEB) , ... May 17, ... ... risk management, technological innovation and business process optimization firm for the life sciences ... the Chairman of the UDIs and Traceability for Medical Devices conference in Brussels, ...
(Date:5/18/2017)... ... May 18, 2017 , ... When James Sherley, was notified earlier this year that ... Brands for the Year 2017 by The Silicon Review , he was not surprised ... progress increasing Asymmetrex’s value, but this recognition by Silicon Valley was particularly meaningful. Our ...
(Date:5/16/2017)... , ... May 16, 2017 , ... ... and cancer diagnostics, has released its ClearID Lung Cancer blood test. Leveraging a ... cancer, this new test is designed to quickly and accurately identify tumor-related genetic ...
Breaking Biology Technology:
(Date:3/30/2017)... , March 30, 2017 The research team ... for three-dimensional (3D) fingerprint identification by adopting ground breaking 3D fingerprint ... new realm of speed and accuracy for use in identification, crime ... affordable cost. ... A ...
(Date:3/28/2017)... India , March 28, 2017 ... IP, Biometrics), Hardware (Camera, Monitors, Servers, Storage Devices), Software ... Vertical, and Region - Global Forecast to 2022", published ... Billion in 2016 and is projected to reach USD ... between 2017 and 2022. The base year considered for ...
(Date:3/24/2017)... , Mar 24, 2017 Research and Markets ... System Market Analysis & Trends - Industry Forecast to 2025" ... ... grow at a CAGR of around 15.1% over the next decade ... industry report analyzes the market estimates and forecasts for all the ...
Breaking Biology News(10 mins):