Tuesday, January 21, 2003
18 Life Sciences Companies Added to Michigan in 2002
The Michigan Economic Development Corporation (MEDC) announced today that at least 18 new life sciences companies were started in or moved to Michigan in 2002.Nearly all of the companies benefited from either Michigan Life Sciences Corridor (MLSC) funding or MLSC-sponsored business development services.
“The Michigan Life Sciences Corridor initiative is continuing its successful run of incubating new life sciences companies in the state,” said Governor Jennifer M. Granholm.“I commend the MEDC for its successful efforts in growing this industry and look forward to continuing to build our state’s life sciences cluster.”
Products from 2002’s new companies include a broad range of innovative applications, such as Trivera Biotechnology’s gene sequencing discovering process and Neural Intervention Technologies’ new endovascular material and delivery technique to treat aneurysms and other neurovascular lesions.
The state of Michigan has committed $1 billion over 20 years from its tobacco settlement money to energize the life sciences industry.New life sciences companies are being formed as a result of the initiative, most of which are clustering around Michigan’s major research universities and the Van Andel Research Institute in Grand Rapids.
The new companies join an estimated 325 other life sciences businesses in the state, with more than 16,500 workers and $1.6 billion in annual sales.According to a 2000 study commissioned by the MEDC, Michigan ranks tenth in the nation in life sciences related sales.The MEDC’s goal is to be among the top five in the nation by 2010.
According to Jeff Mason, MEDC senior vice president of Public Affairs, Michigan’s focus on creating a recognizable Life Sciences Corridor is gaining national attention and resulting in significant investments and expansions within the state.
“The Michigan Life Sciences Corridor initiative has proven to be a catalyst for new business growth and job creation in the state,” Mason said.“The addition of these new companies will continue the early momentum that has been created, further advancing our goal of making Michigan one of the top centers in the nation of life sciences research and commercialization.”
The prestigious American Association for the Advancement of Sciences (AAAS) will soon begin to review 69 proposals to determine which will share approximately $45 million in 2003 Michigan Life Sciences Corridor Fund awards.The MLSC Steering Committee recently invited the 69 applicants to submit full proposals after narrowing the field from 195 pre-proposals submitted.Funding will support projects in basic research, applied research and commercialization.The final winners are expected to be announced in May.
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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