Ten more Ann Arbor area companies were approved yesterday by the Michigan Strategic Fund board for very low interest loans aimed at keeping former Pfizer employees employed in the state. A total of 15 Ann Arbor companies are receiving loans.

These companies received approval for a loan:

GeneVivo, Integrated Nonclinical Development Solutons, International Discovery Sourcing Consultants, Jiva Pharma, Lycera, Meditrina Pharmaceuticals, Metabalog, Michigan Technology & Research Institute, Phios Analytical, Phrixus Pharmaceuticals, SensiGen, TransPharm Preclinical Solutions, Threefold Sensors, Velesco Pharma Services, Zoltan Laboratories.

Demand for the $3.75 million available to Ann Arbor area companies was about $9 million.  No company received the maximum allowable under the program of $500,000.  Size of loans range from $50,000 to $450,000 based on the number of Pfizer employees terminated in ’07 and ’08 that the company will be hiring.

This is growth capital for these companies, most of which are brand new start-ups founded by Pfizer alum.  Good luck to all.  We’re counting on you to contribute to the turn around of our state’s economy.

The MEDC isn’t prepared to present the applicants for Company Formation Fund loans this month.  They are still trying to catch up processing the loans approved last month.

You will recall the program was opened the first of November.  A rush of about 30 companies was processed and about 25 were approved for loans totalling more than $4 million by the MSF Board on Nov. 28.  Now all the paperwork needs to be done.

The companies that applied and were ready for submission in December will have to wait until the first group of companies are taken care of and money dispursed. The MSF Board meets on January 23.

We will also have more companies teed up to be included for January approval. I doubt there will be any funds left in the program after January.

Skip Simms

The Michigan Strategic Fund Board approved loans totaling $1.5 million to five Ann Arbor SPARK sponsored companies through the Company Formation and Growth Fund.  This is the fund created recently to provide low interest loans to life science companies hiring Pfizer employees losing their jobs in ’07 and ’08.  This is a significant effort to keep highly educated and talented people in Michigan to start-up their own companies or help accelerate existing companies in our growing life science community.

If you see them, congratulate Bruce Markham of Phrixus Pharmaceuticals; Dan Ross starting up TransPharm Preclinical with Michael Dority; Shawn Marcell and David and Kris Kurnit’s growing company Sensigen; U of M Prof Gary Glick starting up Lycera; and Steve Duddy and his group of Pfizer alum starting up Integrated Nonclinical Development Solutions.

Another group of Pfizer alum have applied for a loan through this program and will be considered at the next MSF meeting on December 19.

Check out our web site for all the information about the program including the application form.

Skip Simms
Ann Arbor SPARK
skip@AnnArborUSA.org
O – 734-821-0072
C – 734-646-3173