Early-stage life science companies in western Pennsylvania will be able to expand and create quality jobs with the help of a state investment in venture capital, according to Governor E
Early-stage life science companies in western Pennsylvania will be able to expand and create quality jobs with the help of a state investment in venture capital, according to Governor Edward G. Rendell.
"The life sciences are a growth sector for Pennsylvania," says Governor Rendell. "This industry creates opportunities for Pennsylvanians to obtain high-skill, high-wage jobs and has huge potential to be a major economic driver for the state."
The Commonwealth Financing Authority has approved USD5m for Pittsburgh-based Corridor Ventures through the New PA Venture Capital Investment programme.
"This investment offers Corridor Ventures additional resources to boost up-and-coming Pennsylvania companies, put Pennsylvanians to work and spur our economy. We get a great return-on-investment," says Rendell.
Corridor Ventures is expected to leverage an additional USD15m in private funds to be used to invest in between six and eight early-stage life science companies in western Pennsylvania.
The New PA Venture Capital Investment programme is a key component of Governor Rendell’s original economic stimulus package through which the commonwealth provides loans to venture capital firms to invest in high-growth companies.
The programme was authorised to provide USD60m in loans to venture capital fund managers and leverage another USD180m in private equity for a total investment of USD240m in Pennsylvania’s economy. To date, USD45m of the USD60m available has been committed.
