U.S. Department of Commerce Invests $4.2 Million to Support Entrepreneurs in Pennsylvania
Contact: Public Affairs Department, (202) 482-4085
Friday, September 29, 2014
Friday, September 29, 2014
WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding a $4.2 million grant to the Bucks County Biotechnology Center in Doylestown, Pennsylvania, enabling the center to expand and offer assistance to more entrepreneurs in the area. According to grantee estimates, the project will create 90 jobs and generate more than $450,000 in private investment.
“The Commerce Department is committed to promoting innovation and entrepreneurship, which are key drivers of economic growth and American competitiveness,” said Secretary Pritzker. “The EDA investment announced today will help the Bucks County Biotechnology Center provide resources to entrepreneurs and startups in the pharmaceutical and green technology fields, helping create jobs and support local businesses in the region.”
Recent changes and downsizing in the sciences and pharmaceutical industries in the Bucks County area, coupled with industry mergers and consolidation, have resulted in mid- and late-career separations for highly educated professionals and have created a nexus for entrepreneurship to flourish. The Center is recognized as a significant regional resource for biotechnology incubation and has reached capacity. It needs to expand in order to continue supporting entrepreneurs emerging from the life sciences and academic environments that are advancing innovations in pharmaceutical discovery and green sectors.
EDA’s investment supports the expansion and the addition of 15 laboratories, Class A office space, increased emergency power capacity, and "Reach-in Minus 80 Degrees Celsius" freezer infrastructure. The Center identified five for-profit companies (Flow Metric, Inc., Novira Therapeutics, Inc., Fox Chase Chemical Diversity Center, Inc., Synergy Pharmaceuticals, and Cross Current Corp.) that have committed to locating in the new incubator space. Within nine years, the applicant estimates 378 positions will be created based on trends from the Center's other facilities.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.