Ben Franklin Technology Partners launches fund for life science startups

Ben Franklin Technology Partners of Northeastern Pennsylvania (Ben Franklin Northeast) recently launched the Life Science and Healthcare Technology Fund to assist life science startups in Northeastern Pennsylvania.

Academic institutions, private corporations, and regional healthcare providers and specialists will receive up to $250,000 to match their investments in creating spinoff companies or developing technologies. Individuals within an organization or companies attracted to the region can launch startups and must be employed full-time with the company.

Funds can be used for community health solutions, in-hospital caregiving and patient management tools and software, medical devices or diagnostics, new biologics or pharmaceuticals, new caregiving solutions, staff and patient safety solutions, and other life science and health care improvements.

Participating organizations must commit at least $50,000.

“Through this fund, Ben Franklin Northeast will not only support companies that are improving the human condition, but it will also create and refresh, retain, and reimagine highly paid, sustainable jobs in the state of Pennsylvania,” Angelo Valletta, Ben Franklin Northeast president and CEO, said.

New startups must be located in or relocate to Berks, Bradford, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Montour, Northampton, Northumberland, Pike, Schuylkill, Snyder, Sullivan, Susquehanna, Tioga, Union, Wayne, and Wyoming counties.