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Venture Capitalists to Invest in Promising PA Life Science Companies, Governor Rendell Says
Date:5/14/2009

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 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 weekly newsletter, visit www.governor.state.pa.us.

    CONTACT:
    Jamie Fulginiti (DCED)
    717-720-1387

    Michael Smith
    717-783-1116


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