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:10/12/2017)... ... 2017 , ... The American College of Medical Informatics (ACMI) will present the ... Opening Session of AMIA’s Annual Symposium in Washington, D.C. AMIA’s Annual Symposium ... a pioneer in the field of medical informatics, this prestigious award is presented to ...
(Date:10/12/2017)... ... October 12, 2017 , ... Dr. Parsa Mohebi, the Los ... article to the newly revamped Cosmetic Town journal section, featuring articles ... procedure known as Follicular Unit Extraction (FUE). , Dr. Mohebi says ...
(Date:10/12/2017)... ... October 12, 2017 , ... On Saturday, October 21, ... relay – Miles by Moonlight to raise money for the American Heart Association Heart ... , Teams will work together to keep their treadmills moving for 5 hours. ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... in property taxes a year. In some states—like New York, New Jersey, Massachusetts, ... contrast, many overseas retirement havens have extremely low property-tax rates, which contributes to ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... enhanced Pepper Flow promotional review platform at the Promotional Review Committee Compliance ... capabilities help marketers streamline the medical, legal, and regulatory review (MLR) process ...
Breaking Medicine News(10 mins):
(Date:10/5/2017)... ROSEMONT, Ill. , Oct. 5, 2017 /PRNewswire-USNewswire/ ... American Association of Oral and Maxillofacial Surgeons (AAOMS) ... than opioids – to be used as a ... post-surgical pain. ... relationship, the AAOMS White Paper "Opioid Prescribing: Acute ...
(Date:10/2/2017)... 2, 2017 Diplomat Pharmacy, Inc. (NYSE: ... and Consulting, LLC , and named its founder as ... in Tennessee , will operate under ... EnvoyHealth,s service offerings for health care partners to include ... "In an interoperable world, technology delivers ...
(Date:10/2/2017)... -- The Rebound mobile app is poised to become a ... of prescription drug addiction. The app empowers users to develop ... down their dosage in a safe, controlled manner while maximizing ... first 100,000 people to sign up will enjoy 3 months ... ...
Breaking Medicine Technology: