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:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... People across ... in Genome magazine’s Code Talker Award, an essay contest in which patients and their ... award to be presented at the 2016 National Society of Genetic Counselors (NSGC) Annual ...
(Date:6/24/2016)... NY (PRWEB) , ... June 24, 2016 , ... ... Haute Living, is proud to recognize Dr. Barry M. Weintraub as a prominent ... “the most beautiful women in the world, and the most handsome men, look ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... feeding the Frederick area economy by obtaining investment capital for emerging technology companies. ... 2½ years that have already resulted in more than a million dollars of ...
(Date:6/24/2016)... D.C. (PRWEB) , ... June 24, 2016 , ... ... Heroes Golf Classic Tournament held on June 20th at the Woodmont Country Club ... charity, Luke’s Wings, an organization dedicated to helping service members that have been wounded ...
(Date:6/24/2016)... ... June 24, 2016 , ... Advanced Plastic Surgery Institute ( ... as its official Medspa Sponsor. Dr. Josh Olson, a board-certified plastic surgeon, owns ... Dr. Olson says the decision to support the pageant in an official capacity ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... , June 27, 2016  VMS Rehab Systems, ... Board will take whatever measures required to build a ... stock which is currently listed on the OTC Markets-pink ... Company Chairman and CEO, "We are seeing an anomaly ... to understand, not only by the Company, but shareholders ...
(Date:6/24/2016)... N.J. , June 24, 2016  Collagen ... the design, development and manufacturing of collagen and ... regeneration announced today that Bill Messer ... and Marketing to further leverage the growing portfolio ... medical devices. Bill joins the Collagen ...
(Date:6/24/2016)... DUBLIN , June 24, 2016 ... and Markets has announced the addition of the ... their offering. ... products and provides an updated review, including its applications ... covering the total market, which includes three main industries: ...
Breaking Medicine Technology: