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Biotech Jobs in PA Get Funding

Gov. Edward G. Rendell recently announced his plan to invest in three venture capital firms that will help create biotech jobs in PA.

The Commonwealth Financing Authority recently approved $5 million in new investments to the firms through the New PA Venture Capital Investment program, which provides loans to venture capital firms to invest in growth-stage companies. The three firms are expected to leverage an additional $15 million in private investments that will be used to support more than 20 early stage companies in Pennsylvania.

The New PA Venture Capital Investment program was authorized to provide $60 million in loans to venture capital managers and leverage another $180 million in private equity for a total investment of $240 million in the local economy. According to the National Venture Capital Association, Pennsylvania is currently third in the nation in jobs created by venture-backed companies.

The companies that received funding include:

  • MentorTech Ventures in Philadelphia received $1 million in partnership with the University of Pennsylvania to invest in early stage companies in the technology and life science sector.
  • NewSpring Health Capital in Radnor received $2 million to invest in biotech, healthcare services and medical devices.
  • Pittsburgh Life Science Greenhouse Accelerator Fund will receive up to $2 million to invest in early stage and life science companies.
  • “In Pennsylvania, we realize the life science industry’s potential to be an engine for job creation and economic development,” Rendell said in a press release. “By using our resources, we are equipping local venture capital firms with the support they need to attract companies that will not only create skilled jobs and contribute to our economy, but will have the potential to develop the next big medical innovation.

    “Especially during challenging economic times, it’s critically important that we continue to invest in our economy to spur private sector investment and put more people to work,” Rendell added.