©2016 Michigan Economic Development Corporation

12 Additional Companies to Get Company Formation and Growth Fund Aid

Wednesday, January 23, 2008

Bridget Beckman, MEDC
(517) 335-4590beckmanb1@michigan.org

Loans to entrepreneurs to keep Pfizer talent and assets in Michigan

Governor Jennifer M. Granholm announced 12 more Michigancompanies have been selected to receive loans under the state’s Company Formation and Growth Fund, an initiative designed to retain Pfizer talent and assets in Michigan following the company’s global downsizing of its workforce. The Michigan Strategic Fund today approved $2.4 million in low interest loans to companies in Ann Arbor, Chelsea, Livonia and Kalamazoo that are expected to create 49 new jobs.

“No state is doing more to diversify its economy than we are,” Granholm said. “Keeping Pfizer talent in Michigan is a top priority, as these talented researchers and scientists trigger entrepreneurial activity and high-tech job creation.”

The Company Formation and Growth Fund loans announced today:

Company

Location

  Loan Amount

Jobs Created

Velesco Pharma Services LLC

Ann Arbor

$450,000

9

Threefold Sensors/IA Inc.

Ann Arbor

$400,000

8

Jiva Pharma Inc.

Ann Arbor

$250,000

5

GeneVivo LLC

Ann Arbor

$200,000

4

Meditrina Pharmaceuticals

Ann Arbor

$200,000

4

Zoltan Laboratories

Ann Arbor

$200,000

4

MichiganTechnology and Research Institute LLC

 

Ann Arbor

 

$200,000

 

4

Phios Analytical Laboratories

Livonia

$150,000

3

Metabalog

Ann Arbor

$100,000

2

International Discovery Sourcing Consultants LLC

 

Chelsea

 

$100,000

 

2

Komodo Pharmaceuticals

Kalamazoo

$100,000

2

MedElute

Kalamazoo

$100,000

2

On November 28, the governor announced the first 22 companies to receive loans from the Company Formation and Growth Fund that will utilize $5.05 million to create a minimum of 101 new jobs in Ann Arbor, Jackson, Kalamazoo and Portage.

“The Company Formation and Growth Fund incorporates our new emphasis on entrepreneurship to take cutting-edge research and exciting new discoveries into the marketplace,” MEDC President and CEO James C. Epolito said. “Today’s funding will keep Pfizer scientists working and living in Michigan and lead directly to the growth of new Michigan businesses and good-paying jobs for Michigan workers.”

The MSF board created the $8-million fund in June 2007. The focus is to accelerate company growth and form new companies creating jobs based on employees, technologies and high-tech equipment connected with Pfizer’s closed facilities in Ann Arbor, Holland, Kalamazoo, Plymouth Township and Portage. 

“The Company Formation and Growth Fund provides the essential capital for jobs creation as well as support for start-up companies that can retain displaced Pfizer talent in our region,” Ann Arbor SPARK CEO Michael A. Finney said. “Providing an economic catalyst for entrepreneurial growth is vital to our region’s success; the Company Formation and Growth Fund’s focus on creating new jobs for talented biotech professionals is an exciting opportunity.”

The MSF board has appointed Ann Arbor SPARK, Southwest Michigan First, Lakeshore Advantage and the Michigan Economic Development Corporation to the Company Formation and Growth Fund committee to make loan recommendations for the $8 million available through the Fund. The committee makes recommendations to the MSF board, which can award loan amounts of $50,000 for every job created by the project, up to a maximum of $500,000.

“We are pleased with the foresight that Michigan is showing in its commitment to retain and grow the excellence of our life sciences community,” Southwest Michigan First CEO Ron Kitchens said. “Keeping exceptional talent in our area is just the first step to discoveries that will have an impact on the lives of potentially millions of people. It is our hope that Michigan will be synonymous with that impact.”

Pfizer announced last January that it would close several Michigan facilities as it sought to reduce costs in North America, Europe and Asia.

The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information about the MEDC and the Jobs Fund, visit  www.MichiganBusiness.org.

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