©2016 Michigan Economic Development Corporation

Michigan Flexes Its Life Sciences Muscle at BIO 2005 Conference in Philadelphia

Tuesday, June 21, 2005

Michael Shore, MEDC
(517) 335-4590

MEDC Leads Effort to Attract High-Tech Investment and Jobs to State

"BIO is the premier conference to promote Michigan's life sciences industry with an aim to attract new investments and jobs," Granholm said. "With some of the world's best research institutions and our SmartZones building new technology clusters throughout the state, it is easy to see why Michigan's biotech industry is one of the fastest-growing in the nation."

To fuel the industry further, Granholm introduced the Jobs for Michigan Fund, a $2 billion bond initiative that would invest in competitive-edge technologies including life sciences, alternative energies, advanced automotive materials and manufacturing, and homeland security and defense. The Fund would follow the pattern of Michigan's successful Life Sciences Corridor and Technology Tri-Corridor initiatives, which combined have provided more than $220 million directly over the past five years for life sciences research and commercialization.

The Michigan pavilion on the BIO conference exhibitor floor includes more than 30 representatives from the MEDC, Michigan universities, local economic development organizations and companies.

The event closely follows the Governor's June 15, announcement that 24 award winners will share $27.3 million in 2005 Michigan Technology Tri-Corridor funding to spur the growth of Michigan's life sciences industry. Technology transfer from research and development at Michigan's universities in 2004 contributed to 30 new startup companies, 560 new invention disclosures and 134 new licensing agreements.

"Our goal for BIO is to help investors and entrepreneurs understand why Michigan's life sciences industry is among the fastest growing in the nation and why it makes sense to do business in the state," MEDC Senior Vice President of Technology Development Jeff Mason said.

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.