Wednesday, June 09, 2004
Companies #93, #94 and #95 Since 2000, Result of Corridor Initiative
With the addition of three new Grand Rapids based companies, Michigan has welcomed at least 95 new life sciences companies since the state's concentrated effort to grow the life sciences industry began just four years ago, Governor Jennifer M. Granholm announced today. The addition of these companies cements Michigan's ranking as the fastest-growing life sciences state in the nation, in terms of percentage growth of new life sciences companies.
"With strong anchor companies like Dow and Pfizer, some of the world's best research universities and a growing community of entrepreneurs, it is easy to see why Michigan is a magnet for new life sciences companies," Granholm said. "The addition of these three companies is another success for the Technology Tri-Corridor, which is helping to bridge the span between research and development and commercialization."
The Michigan Technology Tri-Corridor initiative is administered by the Michigan Economic Development Corporation (MEDC). The new, Grand-Rapids based companies identified by the MEDC are:
- Avalon Research and Development: designs and develops disposable medical devices for diverse customers in the health care industry.
- InforMD: produces and markets a medical service that provides and documents the informed consent process.
- Progressive Outcomes: infomatics company that has developed a computer program to help renal care physicians track their patient's progress, improve outcomes and double life expectancy for chronic renal care patients.
The announcement was made as the MEDC represents Michigan at the BIO 2004 World Conference in San Francisco. BIO is the largest gathering of biosciences professionals in the world, with more than 16,000 attending. The MEDC is hosting a pavilion with more than 25 Michigan partners from the public and private sectors to promote the state's biosciences industry and the life sciences component of the Michigan Technology Tri-Corridor.
"Each of these companies has its own reasons for choosing Michigan to grow its business, but every reason is a good one," MEDC President and CEO Don Jakeway said. "The big picture is that our life sciences industry is reaching a critical mass that causes bioscience entrepreneurs, companies and venture capitalists to ask, 'If we're not in Michigan, why aren't we?'"
In her 2004 State of the State address, Governor Granholm presented a focused, seven-point plan for economic growth. The Technology Tri-Corridor is one element of the plan, targeting job creation in the three high-growth, high-opportunity industry sectors of life sciences, homeland security and advanced automotive technology.
The Governor announced on Monday that the MEDC has narrowed the field of competitors to 53 from 131 in the running for a share of $24 million in funding from the Michigan Technology Tri-Corridor this year. The funds are made available to spur research, commercialization and job creation in the life sciences, advanced automotive manufacturing and homeland security industry sectors. Award winners are expected to be chosen by the Technology Tri-Corridor Steering Committee later this month.
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.