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Ann Arbor Spark

January 30, 2009

No Word on 2009 21CJF Competition

SEIC Board did not mention next round of competition at meeting
The SEIC Board at their meeting last Friday never mentioned the next round of the 21st Century Jobs Fund competition.

What they did discuss was how to handle the available $6.7 million that isn’t getting claimed from the most recent round of competition. Two more companies, Avidimer Therapeutics and Accuri Cytometers joined Cielo Med Solutions in not agreeing or unable to take the loans awarded. So the next two companies that had a tie score that just missed the cut are now eligible to step up and accept an award. Fisher Coach and Incept Biosystems are now going through due diligence and will probably sign notes totaling $3.875 million.
So what to do with the remaining $2,849,916. They can’t go to the companies with the next best scores. There are four of them and their combined ask is over $7 million. There was concensus that dividing the dollars up evenly among the four was not a good idea. What they did was ask the MEDC staff to do some investigation of the circumstances of those four companies today versus when they originally applied, nearly nine months ago.

One other action item on the agenda was the approval of the RFP for a $6.8 million award to a pre-seed fund. Applications will be due in February and the award in April.

Hopefully there will be a 2009 competition and it will come soon. Stay tuned.

SEIC Board and 21CJF Competition
Minutes and meeting dates for SEIC and info about 21CJF

Accuri Cytometers
website for Accuri

Ciello Med Solutions
web site for Cielo

Fisher Coachworks
website for Fisher Coachworks

Avidimer Therapeutics
website for Avidimer

Incept Biosystems
website for Incept Bio