Pennsylvania Governor Rendell Targets Technology-Based Economic Development With...

Pennsylvania Governor Rendell Targets Technology-Based Economic Development
With $13 Million Investment

HARRISBURG, Pa., Oct. 23 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell
today said Temple, the University of Pittsburgh, venture capital investment
firms and others will help to bring new products to the marketplace, provide
crucial seed money for promising new companies, and create new jobs with a
state investment of $13 million.

The Ben Franklin Technology Development Authority, or BFTDA, approved the
investments today at its quarterly meeting.

"In this economic climate, it is vital to make sound investments that will
leverage dollars, produce jobs, and, ultimately, ensure that our technology
sector grows," Governor Rendell said. "These investments are putting people
to work, strengthening our communities and incubating innovative ideas that
will ensure Pennsylvania remains a leader in the global marketplace."

The Governor said the BFTDA has leveraged more than $2 billion since 2003,
which has resulted in 14,000 high-value jobs.

Projects approved today by the BFTDA include:

Technology Development Grant Program

The Ben Franklin Center of Excellence for Northwest Pennsylvaniareceived a
$1.5 million technology development grant to support the Center for eBusiness
and Advanced Information Technology (eBizITPA) in its ongoing work to raise
the awareness, use, and advancement of information technology throughout
Pennsylvania via educational offerings and technical and financial assistance.
EBizITPA is expected to assist at least 800 companies statewide in the areas
of IT and e-business implementation, technology transfer and advanced IT
product development, and IT workforce development. The project is expected to
create 200 jobs and retain another 500.

Philadelphia University and the Green Building Alliance received a $1 million
Technology Development Grant for the Pennsylvania Green Growth Partnership
(PaGGP). Now in its third year, the partnership is capitalizing on green
building products as an economic driver for Pennsylvania, developing the
state's green economy and jobs, and positioning the commonwealth as a national
leader in this arena. The partnership provides direct assistance in the
design, manufacture, and labeling of green building products; promotes
commercialization and innovation; and builds awareness through community
outreach and training. PaGGP will assist at least 175 businesses statewide
and is projected to create 75 jobs and retain another 150.

The Institute for Hepatitis and Virus Research in Bucks County received a
$100,000 grant to launch the Translational Medicine Commercialization Fund
(TransComm). TransComm will offer funding to scientists and entrepreneurs in
eastern Pennsylvania to help commercialize new technologies. The project is
expected to create five new companies and leverage an additional $300,000 in
other funding.

University Research Grant Program

The University of Pittsburgh received $2.5 million for the next-generation
technologies for the Armed Forces Institute for Regenerative Medicine. The
funds will be used to provide additional partnering and financial resources
for technological development and commercialization from regenerative medicine
research. In addition, the project will receive a $20 million match in
federal funding.

Temple University received $1.6 million to establish the Pennsylvania
Environmental Technologies for Pharmaceutical Industry (PEPTI), which is
designed to sustain and advance the pharmaceutical industry. PEPTI will
address the needs of pharmaceutical companies, equipment manufacturers, and
engineering design companies that work with the industry to reduce
environmental impacts of its operations.

Venture Capital Investment Program

Novitas Capital LP, based in Wayne, received $4 million through the venture
capital investment program to support seed and early stage investments in
Pennsylvania technology and life sciences companies. Novatis has committed to
invest at least $16 million in promising Pennsylvania companies.

Radnor-based Laurel Capital Partners LP received $2 million through the
venture capital investment program to provide growth equity for investments in
Pennsylvania manufacturing and business services firms. Laurel has committed
to invest at least $8 million in Pennsylvania companies.

Keystone Innovation Zone (KIZ) Program

James Street Improvement District was allocated $187,500 in round-two funding
for the Northwest Lancaster Keystone Innovation Zone. The KIZ is expected to
create 48 new jobs while helping in the start-up of three new companies. In
partnership with the Lancaster Chamber of Commerce & Industry, the KIZ will
hire a full-time coordinator who will also serve as the first entrepreneurial
ombudsman for the region.

North Central Pennsylvania Regional Planning and Development Commission, based
in Elk County, received $131,250 in round-two funding for administration of
the Tri-County Keystone Innovation Zone. The KIZ, which covers Jefferson,
Elk, and Clearfield counties, is expected to create 20 new jobs and help in
the start-up of three new companies as it continues its work with local
companies and faculty from its educational partners, including PSU DuBois,
Jefferson Technical School, and DuBois Business College on three patent
applications.

Capital Region Economic Development Corporation received $62,500 in round-four
funding for the Harrisburg Market Keystone Innovation Zone, a partnership
comprised of nine institutions of higher education. This KIZ is committed to
creating 35 new jobs, assisting in the start-up of six new companies and
increasing the rate of technology transfer.

For more information on BFTDA or the commonwealth's other community and
economic development programs, visit www.newPA.com or call 1-866-466-3972.

The Rendell administration is committed to creating a first-rate public
education system, protecting our most vulnerable citizens and continuing
economic investment to support our communities and businesses.To find out more
about Governor Rendell's initiatives and to sign up for his weekly newsletter,
visit www.governor.state.pa.us.

CONTACT:
Michael Smith
717-783-1116

Jamie Fulginiti
717-720-1387 (DCED)

SOURCE Pennsylvania Office of the Governor

Michael Smith of the Pennsylvania Office of the Governor, +1-717-783-1116; or
Jamie Fulginiti (DCED), +1-717-720-1387