Pennsylvania Governor Rendell Says State Number 1 in New Biotechno...(grant program; the Life Sciences Greenho...)

The report noted that Pennsylvania set aside $150 million in 2007-08 from its tobacco settlement allocation to support bioscience research in CURE. According to a Life Sciences report released by the Department of Community and Economic Development earlier this summer, CURE has invested more than $228 million of its tobacco settlement funds directly in health-related research projects.

The Life Sciences Greenhouse Initiative, which was created as part of a larger plan to ensure continued growth in the biosciences in Pennsylvania has, since 2001, invested more than $36.5 million in more than 170 projects. Additionally, the Ben Franklin Technology Partners, a statewide network that catalyzes entrepreneurship and technological innovation as drivers of economic growth, leveraged $675 million and created and retained 2,475 jobs.

Also, more than $500 million in venture capital investment went to biotechnology, medical device and equipment companies in 2007. These venture capital investments have placed Pennsylvania number three in employment by VC-backed companies, according to The National Venture Capital Association.

"The commonwealth's commitment to innovation in biotechnology has resulted in growth and success in this constantly evolving industry," Governor Rendell said. "The spirit and collaboration of our researchers, entrepreneurs, company executives and policy leaders are creating an environment where ideas lead to scientific breakthrough and breakthroughs lead to products in the marketplace."

For more information on Pennsylvania's bioscience initiatives or other DCED programs, visit http://www.newpa.com or call 1-866-466-3972. For more information on the 2008 Business Facilities Ranking Report, visit http://www.businessfacilities.com<
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