Navigation Links
Venture Capitalists to Invest in Promising PA Life Science Companies, Governor Rendell Says

Pittsburgh & Philadelphia Firms to Help Stimulate Biotech Sector

HARRISBURG, Pa., May 14 /PRNewswire-USNewswire/ -- Pennsylvania is setting the stage for future opportunity and innovation while expanding its reputation as a leader in the life science industry, Governor Edward G. Rendell said today as he announced investments in three venture capital firms that will help stimulate growth in the state's rapidly developing bio-technology sector.

"In Pennsylvania, we realize the life science industry's potential to be an engine for job creation and economic development," said Governor Rendell. "By using our resources, we are equipping local venture capital firms with the support they need to attract companies that will not only create skilled jobs and contribute to our economy, but will have the potential to develop the next big medical innovation.

"Especially during challenging economic times, it's critically important that we continue to invest in our economy to spur private sector investment and put more people to work."

The Commonwealth Financing Authority today approved $5 million in new investments to three firms through the New PA Venture Capital Investment program that provides loans to venture capital firms to invest in growth-stage companies.

These three firms are expected to leverage an additional $15 million in private investments that will be used to support more than 20 early stage Pennsylvania companies.

MentorTech Ventures, Philadelphia, in partnership with the University of Pennsylvania, received $1 million to invest in early stage companies in the technology and life science sector; NewSpring Health Capital, Radnor, received $2 million to invest in biotech, healthcare services and medical devices; and Pittsburgh Life Science Greenhouse Accelerator Fund will receive up to $2 million to invest in early stage life science companies.

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

The New PA Venture Capital Investment program was authorized to provide $60 million in loans to venture capital managers and leverage another $180 million in private equity for a total investment of $240 million in Pennsylvania's economy. To date, $48 million of the $60 million available has been committed.

Pennsylvania's venture capital investments have helped make the commonwealth third in the nation in jobs created by venture capital-backed companies, according to the National Venture Capital Association.

For more information on the New PA Venture Capital Investment program or Pennsylvania's other venture capital initiatives, visit 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 weekly newsletter, visit

    Jamie Fulginiti (DCED)

    Michael Smith

SOURCE Pennsylvania Office of the Governor
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Ohio Ranks Best in the Midwest for Venture Capital Investment in Health Care Bioscience Industry
2. Biopure Gives Update on Malaysia Joint Venture Discussions
3. Hank Plain Joins Morgenthaler Ventures as Partner
4. Dan Broderick Joins Prolog Ventures as Partner
5. DiObex Inc. to Present at BIO Mid-America Venture Forum
6. Siemens and Xintek Form Joint Venture to Develop Nanotechnology-Enabled Multi-Pixel X-ray Tubes
7. Altheus Therapeutics Secures $3.6 Million in Venture Capital
8. Corium International, Inc., Announces $40 Million Financing led by Essex Woodlands Health Ventures
9. Gilde Healthcare Partners Closes EUR 150 Million European Healthcare Venture Fund
10. Elbit Medical Imaging Ltd. Announces that Plaza Centers Has Entered into a Joint Venture Partnership to Develop Residential and Office Projects in Romania
11. Vivo Ventures Expands Team with the Addition of James Huang as an Executive in Residence
Post Your Comments:
(Date:11/25/2015)... 2 nouvelles études permettent d , ... les souches bactériennes retrouvées dans la plaque dentaire ... . Ces recherches  ouvrent une nouvelle voie ... de l,un des problèmes de santé les plus ... --> 2 nouvelles études permettent d , ...
(Date:11/25/2015)... SAN DIEGO , Nov. 25, 2015  Neurocrine ... Kevin Gorman , President and CEO of Neurocrine ... Jaffray Healthcare Conference in New York ... encouraged to visit the website approximately 5 minutes prior ... software.  A replay of the presentation will be available ...
(Date:11/25/2015)... -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX ) today ... discussion at the Piper Jaffray 27th Annual Healthcare Conference ... is scheduled for Wednesday, December 2, at 8:00 a.m. ... will be available for 14 days after the event.  ... Corporate Communications and Business Development , BrewLife(858) 875-8629 ...
(Date:11/24/2015)... KUALA LUMPUR, Malaysia , Nov. 24, 2015 ... the global contract research organisation (CRO) market. The ... to result in lower margins but higher volume ... With increased capacity and scale, however, margins in ... Contract Research Organisation (CRO) Market ( ...
Breaking Biology Technology:
(Date:11/9/2015)... 9, 2015  Synaptics Inc. (NASDAQ: SYNA ), ... broader entry into the automotive market with a comprehensive ... pace of consumer electronics human interface innovation. Synaptics, industry-leading ... for the automotive industry and will be implemented in ... Europe , Japan , and ...
(Date:10/29/2015)... Oct. 29, 2015   MedNet Solutions , an ... spectrum of clinical research, is pleased to announce that ... Association (MHTA) as one of only three finalists for ... – Small and Growing" category. The Tekne Awards honor ... shown superior technology innovation and leadership. ...
(Date:10/29/2015)... ARBOR, Mich. , Oct. 29, 2015 /PRNewswire/ ... Eurofins Genomics for U.S. distribution of its DNA ... DNA-seq kit and Rubicon,s new ThruPLEX Plasma-seq kit. ... to enable the preparation of NGS libraries for ... plasma for diagnostic and prognostic applications in cancer ...
Breaking Biology News(10 mins):