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Biotech Start-Ups Benefit: Michigan Innovation Equipment Depot Gives Away $655,000 in High Tech Equipment

Biotech Start-Ups Benefit: Michigan Innovation Equipment Depot Gives Away $655,000 in High Tech Equipment

ANN ARBOR, Mich., Oct. 10 /PRNewswire/ -- The first round of equipment from the Michigan Innovation Equipment Depot was recently distributed to life science start-ups across the state. Ann Arbor SPARK and MichBio awarded 131 items from the Michigan Innovation Equipment Depot, with a fair market value of more than $655,000.

"The Michigan Innovation Equipment Depot is succeeding in its mission to put high value equipment into the hands of life science start-up companies," said Michael A. Finney, president and CEO, Ann Arbor SPARK. "Emerging companies are often cash-strapped and unable to invest in the equipment needed to propel their research and product development. The Michigan Innovation Equipment Depot is providing vital support to life science companies throughout the state."

The 25 applicants for equipment from the Michigan Innovation Equipment Depot (MIED) were located in Ann Arbor, Kalamazoo, Lansing, Mt. Pleasant, Tech Town and Oakland County. The 18 applicants who were awarded equipment are located in Ann Arbor, Kalamazoo, Mt. Pleasant and Oakland County.

Equipment donated in this initial round from MIED ranged in value from $25 to $125,000. Recipients received a variety of life sciences equipment, including an autoclave, NMR, microscopes, lab ovens, spectrometer and liquid chromatograph. The average item value totaled $4,404 of fair market value.

"MichBio is very pleased with the outcome of this first round of equipment allocations," said Stephen Rapundalo, executive director, MichBio. "The MIED review panel put forth significant effort to identify considerable rationale for the equipment on the part of successful applicants. We look forward to continuing the program and hope that other life science companies will take advantage of this unique and excellent state-wide resource."

Recipients of equipment from MIED must be based in Michigan, demonstrate a critical need for the equipment, and clearly describe how the equipment will be used.

"It's gratifying for us at Pfizer to see this research equipment reach the hands of innovators through the MIED," said David Canter, senior vice president and site director for Pfizer's Michigan Laboratories. Pfizer Inc. donated more than 200 pieces of surplus research equipment worth over $1 million to help get the MIED off the ground. "We eagerly await the fruit of their efforts as they advance science and drive continued growth of life sciences in Michigan."

Ann Arbor SPARK and MichBio, working with Michigan's 11 SmartZones, will continue to manage distribution of the equipment to life-science startups from across the state.

Companies that wish to request equipment from MIED can begin the process by completing the application form found at http://www.annarborspark.org/ or http://www.michbio.org/ .

ABOUT ANN ARBOR SPARK

Representing all communities in Washtenaw County, Ann Arbor SPARK, a non- profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, the Herbert and Grace Dow Foundation, Pfizer, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit http://www.annarborspark.org/ .

ABOUT MICHBIO

MichBio is dedicated to driving life sciences industry growth within the State of Michigan. For new and established biosciences companies, MichBio provides a community focal point by offering networking and educational events, a roster of support services, and a portal to state and national information. MichBio represents biosciences companies, academic and research institutions, bioscience service providers and related organizations. MichBio is focusing on the human resource, funding, and infrastructure issues affecting the state bioscience industry. MichBio is affiliated with BIO, the national organization that represents biotechnology companies across America. The knowledge-based economy presents the state of Michigan with unprecedented economic opportunity, the MichBio Expo serves to act as a catalyst in bringing academic and industry leaders together for a briefing on the dynamics shaping life sciences.

Ann Arbor SPARK

CONTACT: Jenn Cornell of Eiler Communications, +1-734-761-3399,
[email protected] , for Ann Arbor SPARK

Web site: http://www.michbio.org/
http://www.annarborspark.org/

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