Monday, February 25, 2002
More Than 20 New Companies in Sector Started Up In 2001
The Michigan Economic Development Corporation announced today that at least 22 new Michigan companies were started in 2001, including four that received research and/or commercialization funding from the Michigan Life Sciences Corridor Fund.
“The Michigan Life Sciences Corridor represents significant public and private investment in an important and growing economic sector,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation (MEDC). “These new companies are representative of the innovation and economic opportunities that will be generated in the Corridor year after year.”
Products from the new companies range from NanoBio’s antimicrobial nanoemulsions that combat bioterrorism to NephRx’s drug discovery program for kidney diseases.
The state of Michigan has committed $1 billion over 20 years from its tobacco settlement money to energize the life sciences industry.Although the majority of Michigan’s new life sciences companies are located in the Ann Arbor area, others can be found in New Buffalo, Kalamazoo, Detroit, Milan and Mount Pleasant.
The new companies join an estimated 300 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 Rothwell, Michigan’s focus on creating a recognizable Life Sciences Corridor is gaining national attention and resulting in significant investments and expansions within the state. He cited Pfizer’s announcement to invest $600-800 million in new research and production facilities at its Ann Arbor laboratories as a recent example.
“From one perspective, these companies are going to boost Michigan’s economy and create new jobs for Michigan workers,” Rothwell said. “But even more important is the fact that the products they develop are saving lives and enhancing the quality of life for people around the world.”
The prestigious American Association for the Advancement of Sciences is in the process of reviewing 111 proposals to determine which will share $45 million in 2002 Michigan Life Sciences Corridor Fund awards. The final winners are expected to be announced in June.
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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