A medical school is to get a $425,000 economic development grant to spur the creation of biotechnology companies.
Penn State School of Medicine will receive the state grant as part of a program launched last year by the state government called Discovered and Developed in Pennsylvania.
According to Central Penn Business Journal, the medical college will use a portion of the grant towards its Executive-in-Residence program started in August, said Keith Marmer, associate dean for research innovation and director of the office of technology development. The project pairs up faculty who want to do a biotech startup with experienced entrepreneurs and business leaders.
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The grant program was established by the Pennsylvania Department of Community and Economic Development to encourage creativity and innovation for economic development services. It can include incubators, mentoring, and marketing, among other things.
The program was allocated about $9 million last year and is on track to maintain that funding, pending the state budget’s approval by the Commonwealth’s General Assembly in June.