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:5/26/2016)... , ... May 26, 2016 , ... ... clinical outcomes, hosted members and suppliers for its inaugural Member Conference at the ... their mission of elevating the operational health of America’s healthcare providers. , The ...
(Date:5/26/2016)... ... May 26, 2016 , ... Connor Sports, through ... a partner for the Tamika Catchings Legacy Tour that will commemorate the ... in hardwood basketball surfaces in all forms and levels of the game, Connor Sports ...
(Date:5/26/2016)... ... ... The Woodlands at John Knox Village , Florida’s first Life Plan ... and healing, celebrated its grand opening, today. The Woodlands at John Knox Village is ... Staff. , “This is an incredibly fulfilling time for John Knox Village as we ...
(Date:5/26/2016)... ... ... There are nearly 14.5 million people living with and beyond cancer in the ... 2016, communities around the world will gather to recognize these cancer survivors as part ... is an annual worldwide Celebration of Life that is held on the first Sunday ...
(Date:5/26/2016)... ... 2016 , ... Catalent Pharma Solutions, the leading global provider ... global clinical supply services, today announced two key appointments and the opening of ... strategic growth plans in the Asia Pacific region. , Howard Kim has joined ...
Breaking Medicine News(10 mins):
(Date:5/25/2016)... -- FDA 510(k) clearance covers Confocal ... urological and surgical applications Mauna Kea ... the multidisciplinary confocal laser endomicroscopy (CLE) platform, today ... with the 12 th 510(k) clearance from ... new FDA clearance covers Confocal Miniprobes indicated for ...
(Date:5/25/2016)... , May 25, 2016  According to Kalorama Information, ... billion in 2015.  Though these are challenging times ... opportunity for success for companies that remain optimistic ... of new growth prospects medical device companies spend ... and development (R&D) than do companies in other ...
(Date:5/25/2016)... PARIS , May 25, 2016 ... system disorders, announces that an oral presentation entitled "High doses ... the MS-SPI trial" will be given by Professor Ayman ... the 2nd Congress of the European Academy of Neurology (EAN) ... "MS and related disorders 3" will take place on Sunday, ...
Breaking Medicine Technology: