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News and Information Article
Says New PA Venture Capital Investment Program will Advance States Growing
Technology Sector
HARRISBURG, Pa., July 18 // -- Pennsylvania Governor Edward
G. Rendell today said Pennsylvania is making investments in innovative,
technology-based companies that are developing new opportunities working in
life sciences, information management and manufacturing.
The Governors New PA Venture Capital Investment Program, a key
component of his innovative economic stimulus plan, has approved the
investment of $23.1 million in eight venture capital firms that will use
the money to help Pennsylvania-related companies.
"Each day, were working to promote and support every facet of our
diverse and growing economy," said Governor Rendell. "From agriculture and
tourism to manufacturing and healthcare, we are investing in companies and
organizations that are creating new jobs for Pennsylvanias working men and
women. Now were showing our support for an area that holds tremendous
promise for future growth.
"The New PA Venture Capital Investment Program is another example of
how my economic stimulus package is working for Pennsylvanias growing
businesses. This program is making sure that entrepreneurial companies get
the financing they need to grow here. The program is working not only in
our established technology hubs of Pittsburgh and Philadelphia, but in
other parts of the state as well, where early stage capital can be hard to
find."
New PA Venture Capital addresses the growing needs of Pennsylvania
businesses by providing $60 million in loans to venture capital managers,
which leverages another $180 million in private equity, for a total
investment of $240 million. By supporting the Ben Franklin Partners and
Life Science greenhouses, the program helps to foster a growing economy.
To date, the Commonwealth Financing Authority has committed $52.6
million of the $60 million available through the New PA Venture Capital
Investment Program.
During the next several years, nearly $1 billion in venture capital
funding will be available to Pennsylvanias companies as a direct result of
public/private partnerships, which enable the commonwealth to continue
attracting and retaining high-growth firms. The available capital, coupled
with early-stage investments and Pennsylvanias strong university research
and development presence, has created an ideal environment for venture
capital investments throughout Pennsylvania.
The following investments were approved by the Commonwealth Financing
Authority:
Allegheny County:
Oxford Bioscience Partners received $5 million in capital commitments
for Oxford Bioscience Partners V. The fund will invest in companies of all
stages in breakthrough life science technology in Pennsylvania.
Erie County:
Psilos Group Partners received $5 million in capital commitments to
invest in early-, mid-stage and later-stage healthcare companies. These
investments will focus on services and technologies that will contribute to
major advances in the U.S. healthcare system.
Lackawanna County:
Brook Ventures received $5 million in capital commitments for Brook
Ventures II LP. The fund will invest in expansion stage information
technology and medical technology industries focusing in the Scranton area,
as well as throughout the commonwealth.
Lancaster County:
Innovation Ventures LP received $2.1 million in capital commitments to
invest in early- and emerging-stage companies with a focus on the
Mid-Atlantic region. Specifically, the fund will target chemicals,
electronic materials, information technology, nanotechnology software,
biotechnology and business information services.
Philadelphia County:
Edison Venture Fund received $1 million in capital commitments for
Edison VI, which will make late-stage venture investments with a focus on
the Mid- Atlantic region. These investments will be focused in the field of
information technology and business solutions.
MentorTech Management LLC received $1 million in capital commitments
for MentorTech Ventures 2005 LP. The fund will invest in early stage
technology companies founded or led by current and former faculty members
and alumni of the University of Pennsylvanias Wharton School.
New Spring Ventures received $1 million in capital commitments for New
Spring Ventures II. The fund will invest in growth and expansion stage
business services and information technology companies in the Mid-Atlantic
region.
University Science Center received $3 million in capital commitments
for Science Center I. The Fund will invest in early-stage life sciences
companies.
For more information on the New PA Venture Capital Investment Program
or any of Governor Rendells economic stimulus programs, visit
http://www.newpa.com or call 1-866-GONEWPA (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 Rendells initiatives and to sign up for his weekly
newsletter, visit his Web site at: http://www.governor.state.pa.us.
CONTACT: Kate Philips, Pennsylvania Office of the Governor,
+1-717-783-1116.
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