New venture capital program will help life science companies in western Pennsylvania: Governor Rendell

 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, Governor Edward G. Rendell said today.

"The life sciences are a growth sector for Pennsylvania," said 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 today approved $5 million for Pittsburgh-based Corridor Ventures through the New PA Venture Capital Investment program.

"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," the Governor said, noting that Corridor Ventures is expected to leverage an additional $15 million 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 program 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 program was authorized to provide $60 million in loans to venture capital fund managers and leverage another $180 million in private equity for a total investment of $240 million in Pennsylvania's economy. To date, $45 million of the $60 million available has been committed.