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:2/11/2016)... ... February 11, 2016 , ... ... focused on the development and manufacture of biopharmaceuticals and therapeutics, announces an ... the 2016 BioProcess International Awards – Recognizing Excellence in the People, Organizations ...
(Date:2/11/2016)... ... February 11, 2016 , ... ... has announced a new agreement with Bankok,Thailand-based Global Stem Cells Network (GSCN) to ... in 15 Latin American countries, including Mexico, Costa Rica, Dominican Republic, Colombia, Argentina, ...
(Date:2/10/2016)... , Feb. 10, 2016 NX Prenatal ... its proprietary NeXosome® technology for early warning of ... its most recent study by Dr. Thomas ... the Society for Maternal Fetal Medicine,s (SMFM) annual meeting ... 1-6 th , 2016.  The presentation reported initial ...
(Date:2/10/2016)... , Feb. 10, 2016  Matchbook, Inc., a ... fast growing biotech companies, announced today the appointment ... Strategic Advisor. Jim brings nearly 25 years of ... procurement, having spent nearly two decades in executive ... and Procurement at Genzyme and, most recently headed ...
Breaking Biology Technology:
(Date:2/8/2016)... Republic , February 8, 2016 ... global payment platform which presents innovation for clients, ... Authentication feature called VoiceKey. --> Worldcore ... which presents innovation for clients, comfort and unbeatable ... VoiceKey. --> Worldcore is ...
(Date:2/3/2016)... , February 3, 2016 ... new market research report "Automated Fingerprint Identification System Market ... Latent Search), Application (Banking & Finance, Government, Healthcare, and ... by MarketsandMarkets, the market is expected to be worth ... of 21.0% between 2015 and 2020. The transformation and ...
(Date:2/2/2016)... YORK , Feb. 2, 2016 ... of the bioinformatic market by reviewing the recent ... enabled tools that drive the field forward. Includes ... to: Identify the challenges and opportunities that ... providers and software solution developers, as well as ...
Breaking Biology News(10 mins):