|
|||||||||
 | |||||||||
| |
|
||||||||
| | |||||||||
| |
Philly Center Boosts Start-Up FundingThe University City Science Center (Philadelphia), an incubator and mentor of local high-tech startups, has announced a plan to cultivate 40 new Philadelphia-based life science and technology companies, with a combined market value of $1 billion, in the next five years. The Science Center is looking to help medical device, diagnostic, and software companies benefit from the approximately $1 billion in NIH research grants and more than $3 billion in corporate research and development that flow through the area annually. Approximately 70% of the Center’s funding, though, will go to companies working in the life sciences.
“Over the last 10 years, the greater Philadelphia region has become one of the top three regions in the country in life sciences research and is now beginning to produce results which may be commercialized with a systematic approach,” explained Pradip Banerjee, PhD, president and CEO of the Science Center. “Our plan is exactly that.” By cultivating relationships with technology-transfer operations as well as with local universities and national research laboratories, the Science Center hopes to bring promising technology companies to mezzanine-level funding. In addition, the Science Center will launch a $10 million venture fund aimed toward helping early-stage companies grow to investment-grade. Although financing will initially come from the Science Center’s own coffers, eventually outside sources will also be tapped. “We will leverage other federal and state grants, endowments, and other venture investments,” said Banerjee. “Our $10 million investment pool should generate over $100 million in total investments flowing through this area.” According to Banerjee, the Science Center has modeled its investment plan, in part, on a formula undertaken by life sciences and information technology investment firm Arch Venture Partners (Chicago). According to Banerjee, Arch Venture Partners has helped create over $4.5 billion in new market value. © 2005 Canon Communications LLC | |
|
|
|
||||
| |
|
|
|
|
|
| |||
