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

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 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

CONTACT: Teresa Candori


Greg Morgan (DCED)


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:
(Date:6/26/2016)... ... June 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, a ... and World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility is ... to some of the world’s leading providers of cereal and other breakfast foods. Its ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts ... applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes Convention ... health care topics including advance care planning, healthcare costs and patient and family ...
(Date:6/25/2016)... ... ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors in ... School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green Hospital ... at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train in ...
(Date:6/24/2016)... ... , ... Those who have experienced traumatic events may suffer from a complex ... as drug or alcohol abuse, as a coping mechanism. To avoid this pain and ... a traumatic event. , Trauma sufferers tend to feel a range of emotions, from ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. Amanda Cheng, an ... Cheng has extensive experience with all areas of orthodontics, including robotic Suresmile technology, ... , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. It can be ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , Belgium , June ... MKT: VNRX), today announced the appointment of Dr. ... of Directors as a Non-Executive Director, effective June ... Company,s Audit, Compensation and Nominations and Governance Committees.  ... Dr. Futcher will provide independent expertise and strategic ...
(Date:6/23/2016)... BEVERLY HILLS, Calif. , June 23, 2016 ... faced the many challenges of the current process. Many of ... option because of the technical difficulties and high laboratory costs ... would have to offer it at such a high cost ... to afford it. Dr. Parsa Zadeh , ...
(Date:6/23/2016)... , June 23, 2016 Research ... MEMS Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data ... analysis. Assessment of major trends with potential impact on the ... analysis of market segmentation which comprises of sub markets, regional ...
Breaking Medicine Technology: