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$1.5 million in low interest loans will be provided these Ann Arbor area companies.

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
O – 734-821-0072
C – 734-646-3173