Friday, September 06, 2002
$767 Million in Funding Requested from $45 Million Fund
The Michigan Economic Development Corporation announced today it received 197 responses requesting more than $767 million from the Michigan Life Sciences Corridor Fund.The pre-proposals received will now be reviewed for scientific and economic merit as the next step toward determining which projects will share this year’s approximately $45 million in funding.
“Once again, the innovative ideas within in this year’s pre-proposals is remarkable,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation and chairman of the Michigan Life Sciences Steering Committee.“It’s clear high-quality projects chosen for this year’s funding will be certain to produce promising new research and commercialization opportunities.”
The American Association for the Advancement of Science (AAAS) is organizing the evaluation of the 197 pre-proposals using review criteria developed by Michigan Life Sciences Steering Committee.The organization publishes Science magazine and with 135,000 members is the world’s largest association of scientists and engineers.
Based on this initial evaluation, the AAAS will recommend a number of the pre-proposals for further consideration.At its December 18th meeting, the Michigan Life Sciences Steering Committee will use the recommendations to determine which applicants will be invited to submit full proposals for peer review by the AAAS.The deadline for full proposals is February 12 with award decisions expected in May.
The state of Michigan has committed $1 billion over 20 years from its tobacco settlement money to energize the life sciences industry.About 300 life sciences businesses are located in the state, with more than 16,500 workers and $1.6 billion in annual sales.
In 2001, Michigan welcomed at least 22 new life sciences start-up companies.Private and public investment in life sciences activities exceeded $2.9 billion in the state, creating more than 2,000 new jobs since the inception of the program.
Since its creation in 1999, the Life Sciences Corridor Fund has invested $145 million in 78 awards.The assistance also has impacted about 200 employees funded directly through Life Sciences Corridor awards.
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.
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