September 08, 2006
September 8, 2006
Granholm visits Kalamazoo company working on cancer treatments
LANSING - Governor Jennifer M. Granholm today visited ProNAI Therapeutics, one of the 61 awardees selected this week by the Michigan Strategic Economic Investment and Commercialization (SEIC) Board to share more than $100 million from the first round of the 21st Century Jobs Fund. The initiative is part of the governor's comprehensive Jobs Today, Jobs Tomorrow economic plan to grow Michigan's economy by helping to create jobs in Michigan's emerging technologies..
"Cutting edge technologies like life sciences and advanced manufacturing are already taking root in Southwest Michigan," Granholm said. "These awards will help spur that activity, bringing more innovative job-creating ideas to the region and diversifying our economy."
The 21st Century Jobs Fund is a $2 billion, ten-year initiative proposed by Granholm, approved by the Michigan Legislature, and administered by the Michigan Economic Development Corporation (MEDC) to accelerate the diversification of Michigan's economy and create jobs. The initiative will focus on growing and attracting jobs in the high-growth sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security/defense.
ProNAI Therapeutics, Inc. is a two-year-old company developing new treatments for cancer patients. The company received a $3.2 million award and hopes to add 20 jobs with the funding.
ProNAI Therapeutics was one of six awards given to companies and universities in West and Southwest Michigan. Other award recipients include Western Michigan University, which received two awards; XB TransMed Solutions and the Van Andel Research Institute in Grand Rapids; and Diversified Natural Products in Scottville.
"ProNAI Therapeutics is an excellent example of what the 21st Century Jobs Fund is all about," Granholm said. "This company began as an idea of local scientists, and with a lot of hard work and a little seed funding, it has tremendous potential to grow, create jobs, and help patients battling cancer and other life-threatening illnesses. The company can help grow our burgeoning life sciences industry in Michigan, making us a center of life sciences jobs, just as we are a center of automotive jobs"
This week's award announcement was the culmination of a process that began eight months ago with Granholm's announcement of a request for proposals for 21st Century Jobs Fund commercialization funding.
The original field of 505 proposals was narrowed to 179 finalists by an independent peer-review process conducted by the American Association for the Advancement of Science (AAAS). The 179 finalists recently underwent intense, individual interviews by AAAS experts who then made final recommendations to the SEIC board.
The AAAS is the world's largest science and engineering association and publisher of Science magazine. Awardees include researchers at Michigan public universities and private research institutes and entrepreneurs working to commercialize technology-based products.
Each of the awards will be administered by the MEDC, with contracts that establish conditions and mileposts for receipt of funds. Contracts, individually tailored to each proposal, will be finalized by the MEDC's general counsel in consultation with the Michigan attorney general. The MEDC employs portfolio managers similar to those of venture capital operations who will oversee the progress of the projects. Award funding will be paid out incrementally as project milestones established in the proposal and contract are achieved.
The contract and funding process will be overseen by the chief compliance officer, a position required by the 21st Century Jobs Fund legislation.
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The complete list of awardees is available online at www.michigan.org/21stcentury
