LANSING – Michigan Economic Development Corporation (MEDC) President and CEO Greg Main announced that two Michigan companies have been selected to receive loans in the latest round of funding under the state’s Company Formation and Growth (CFG) fund, an initiative aimed at retaining Pfizer talent assets in the state.
The Michigan Strategic Fund (MSF) board approved the funding that will be used by two companies to hire former Pfizer scientists. Vestaron Corporation was approved for a loan of $150,000 and eFarms LLC for a loan in the amount of $120,000. The CFG has now approved more than $7.5 million in loans to a total of 36 life-science companies in Ann Arbor, Chelsea, Jackson, Kalamazoo, Livonia, Portage and Saline.
Two Companies Recently Approved For CFG Loans:
- Kalamazoo-based Vestaron Corporation is developing a new generation of insecticides by employing peptides sourced from spiders – insecticides that are ideally suited for the environmentally conscious, 21st century. Over 50 unique, spider-venom peptides with novel sites of action have been identified and are being exploited. Vestaron received from the MSF a 2008 business competition award of approximately $1.8 million for its work toward testing, production and evaluation of its lead product for purposes of commercialization. Vestaron also previously received a $50,000 award tied to hiring a former Pfizer employee. The company will use its latest $150,000 award to hire three additional ex-Pfizer employees.
- eFarms LLC, located in Holland, is currently working to advance their technologies and products for on-farm ethanol and livestock feed production. The company plans to lease space at the former Pfizer R&D site (now the MSU Bioeconomy Institute) and use their $120,000 loan to hire additional talent from the ex-Pfizer pool if possible.
The MSF created the $8 million CFGF in June 2007 to accelerate company formation, growth and job creation based on employees, technologies, and high-tech equipment left behind when Pfizer closed facilities in Ann Arbor, Holland, Kalamazoo, Plymouth Township and Portage.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information visit MEDC
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