Navigation Links
Pennsylvania Gov. Rendell: $10 Million Partnership With Harrisburg Venture Capital Firm Boosts PA's Life Sciences Industry
Date:2/7/2008

Emerging Field Provides High-Value Jobs For Commonwealth

HARRISBURG, Pa., Feb. 7 /PRNewswire-USNewswire/ -- A Harrisburg-based venture capital firm will be better able to put promising Pennsylvania pharmaceuticals, biotech, medical device and health care companies on a fast track for growth, Governor Edward G. Rendell said, with $10 million in new investment guarantees.

"The life sciences industry remains one of the most dynamic and exciting industry sectors in the world," the Governor said. "Over the past five years, we have developed an economic climate and workforce that are prepared to handle the innovations and strategies that will shape the future for generations of Pennsylvanians."

The Commonwealth Financing Authority recently approved the $10 million investment guarantee for the Radius Venture Partners III LLC Fund, which is headquartered in Harrisburg. The agreement means Pennsylvania is guaranteeing that up to half of the fund's investment will be secured, thereby lessening its risk. The guarantee encourages the fund to invest in Pennsylvania companies.

The funding was made possible by the New Pennsylvania Venture Guarantee program, a key component of Governor Rendell's economic stimulus plan.

"As the 17th largest economy in the world, Pennsylvania has the ability and responsibility to help companies compete in the global marketplace," Governor Rendell said. "Through the use of grants, loans, tax credits and loan guarantee programs, we've given Pennsylvania companies the resources to grow stronger."

The New Pennsylvania Venture Guarantee Program allows the commonwealth to more actively partner with the venture capital community by guaranteeing the combined performance of each qualifying venture capital firm's Pennsylvania portfolio up to a maximum of $250 million. In return, these investment guarantees will attract an additional $250 million and leverage a total pool of $500 million for Pennsylvania growth-stage companies.

To date, Pennsylvania has committed $207.5 million through this program to nine fund managers.

For more information on the New PA Venture Guarantee Program and other economic stimulus package programs, visit http://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 http://www.governor.state.pa.us

CONTACT: Teresa Candori

717-783-1116

Greg Morgan (DCED)

717-783-1132


'/>"/>
SOURCE Pennsylvania Department of Community & EconomicDevelopment
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Pennsylvania Corrections Department to Extend Medical Contract, Save $55 Million
2. The Pennsylvania Breast Cancer Coalition Announces 2008 Breast Cancer Income Tax Check-Off Grant Recipients
3. Governor Rendell Says 2008-09 Budget Renews Commitment to Vulnerable Pennsylvanians
4. Pennsylvania Attorney General Approves Vincentian Collaborative System-Marian Manor Integration
5. Pennsylvania Department of Aging Plans Town Meetings in Clarion and Pittsburgh to Gather Input for New State Plan on Aging
6. AmeriHealth Mercy Family of Companies Acquires Community Behavioral HealthCare Network of Pennsylvania
7. Pennsylvania Governor Rendell Announces $1.8 Million Investment to Add Nurses, Improve Nurse Education Grants Awarded to Recipients in 28 Counties
8. Pennsylvania Commission for Women Encourages Observance of National Wear Red Day
9. Pennsylvania Education Secretary Lauds Action on Measure to Create Statewide School Health Benefits System
10. Capital BlueCross CEO Says Meaningful Statewide Competition Must Be Key Criteria in Pennsylvanias Review of Proposed Highmark-IBC Merger
11. Determined to Quit Week to Help Pennsylvanians Follow Through With Resolutions to Stop Using Tobacco
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/18/2017)... ... August 18, 2017 , ... ... Hearing” campaign, advocating for active, healthy lifestyles and highlighting the importance of proactive ... with hearing impairments and shares the latest innovations in hearing aid technology. ...
(Date:8/18/2017)... ... August 18, 2017 , ... Mediaplanet ... advocating for active, healthy lifestyles and highlighting the importance of proactive eye and ... impairments and shares the latest innovations in hearing aid technology. , In ...
(Date:8/18/2017)... O'Fallon, MO (PRWEB) , ... August 18, 2017 , ... ... Charles County, is inaugurating a new charity drive to generate community support for efforts ... for research into cures and treatments for all types of cancer. , Each ...
(Date:8/18/2017)... ... August 18, 2017 , ... Radabaugh & Associates, a family ... in North-Central West Virginia, is embarking on a cooperative charity effort with the ... , The Chestnut Mountain Ranch (CMR) is a Christ-centered boarding school for young ...
(Date:8/18/2017)... FL (PRWEB) , ... August 18, 2017 , ... ... protection and financial planning assistance that serves communities throughout southern Florida, is working ... to provide scholarship assets to children from low income families. , The Take ...
Breaking Medicine News(10 mins):
(Date:8/15/2017)... WILMINGTON, N.C. , Aug. 15, 2017 ... Wilmington, NC , today announced that the company ... at the University of North Carolina at Chapel Hill ... AccuKit-HIV is designed to characterize and quantify HIV reservoir ... and after pharmacological intervention. The HIV Cure Center is ...
(Date:8/10/2017)... , Aug. 10, 2017  Physical Rehabilitation Network (PRN), ... in Lakewood, Colorado . The reputable clinic ... Lipkin , PT, DPT with his staff of four clinicians. ... of Pittsburgh and brings over 10 years of experience with ... Belmar PT marks the 10th PRN clinic in and ...
(Date:8/7/2017)... WARSAW, Ind. , Aug. 7, 2017 Zimmer ... in musculoskeletal healthcare, today announced that its Board of Directors ... stockholders for the third quarter of 2017. ... will be paid on or about October 27, 2017 to ... September 22, 2017.  Future declarations of dividends are subject to ...
Breaking Medicine Technology: