©2016 Michigan Economic Development Corporation

Granholm Announces Support to Help High-Tech Companies Grow, Create Jobs

Thursday, November 29, 2007

Bridget Beckman, MEDC
(517) 335-4590

Company Formation and Growth Fund making loans to entrepreneurs, keeping Pfizer talent and assets in Michigan

Governor Jennifer M. Granholm today announced Michigan companies to receive loans under the Company Formation and Growth Fund, an initiative designed to retain Pfizer talent and assets in Michigan as a result of the global downsizing of the company’s workforce. The Michigan Strategic Fund has approved $5.05 million in low interest loans to 22 companies in Ann Arbor, Jackson, Kalamazoo and Portage. Combined, the companies are expected to create 101 new jobs.

“We are committed to diversifying our economy and keeping our talented workforce in Michigan is a key component of our strategy,” Granholm said. “This new resource will provide new opportunities for Pfizer employees and spark entrepreneurial activity and job creation.”

The Company Formation and Growth Fund loans announced today:

Company

Location

           Loan Amount

Jobs Created

ADMETRx Inc.

Kalamazoo

$250,000

5

Armune BioScience Inc.

Kalamazoo

$100,000

2

Apjohn Group LLC

Kalamazoo

$50,000

1

Aursos Inc.

Kalamazoo

$100,000

2

AzoRx Inc.

Kalamazoo

$100,000

2

BioSTAT Consultants Inc.

Portage

$50,000

1

Emiliem Inc.

Kalamazoo

$250,000

5

Integrated Nonclinical Development Solutions Inc.

Ann Arbor

$50,000

1

Jasper Clinical Research & Development Inc.

Kalamazoo

$250,000

5

Kalexsyn Inc.

Kalamazoo

$350,000

7

Lycera Corp.

Ann Arbor

$400,000

8

MuciMed Inc.

Kalamazoo

$200,000

4

NanoMed Pharmaceuticals Inc.

Kalamazoo

$250,000

5

NanoVir LLC

Kalamazoo

$100,000

2

NephRx Corporation

Kalamazoo

$200,000

4

PharmOptima LLC

Portage

$400,000

8

Phrixus Pharmaceuticals Inc.

Ann Arbor

$350,000

7

ProNAi Therapeutics Inc.

Kalamazoo

$400,000

8

Proteos Inc.

Kalamazoo

$250,000

5

SensiGen LLC

Ann Arbor

$300,000

6

TransPharm Preclinical Solutions LLC

Jackson

$400,000

8

Venomix Inc.

Kalamazoo

$250,000

5


The MSF board created the $8-million Company Formation and Growth 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 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.

Additionally, the board has awarded a $500,000 grant to Ann Arbor SPARK and Southwest Michigan First to continue and enhance the efforts of the Michigan Innovation Equipment Depot created in 2006 to distribute Pfizer-donated equipment to companies throughout Michigan.  

“This is part of a concerted effort to ensure Pfizer scientists continue working and living in Michigan and re-apply their knowledge and expertise to help grow great new Michigan life sciences companies,” MEDC President and CEO James C. Epolito said.

Epolito, who also chairs the MSF board, noted that Company Formation and Growth Fund and the Michigan Innovation Equipment Depot represent another in a series of aggressive initiatives related to Pfizer’s assets. In June the MSF also awarded a $3.4 million grant from the 21st Century Jobs Fund to transform the former Pfizer research facility in Holland into a bioeconomy research and commercialization center that will support life science based technologies in Michigan.

Pfizer announced in January that it would close several of its facilities throughout the state as a cost-cutting measure.

The 21st Century Jobs Fund is a $2 billion, ten-year initiative proposed by Granholm, approved by the Michigan Legislature, and administered by the MEDC to accelerate the diversification of Michigan’s economy. The fund invests in competitive-edge technologies in the targeted sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security/defense. For more information, go to www.MichiganBusiness.org.

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