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$12 million Pfizer Asset Retention Fund program now committed

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.