Nanotechnology Institute Receives $1.5 Million
February 3, 2010
The Ben Franklin Technology Partners of Southeastern PA, in partnership with the University of Pennsylvania and Drexel University, received $1.5 million from the BFTDA university research grant program to support the Nanotechnology Institute (NTI). NTI will utilize these funds to emphasize commercialization of nanotechnology research inventions, entrepreneurship, and job creation and later-stage technologies with a near-to-market window with a specific focus on nanotechnology in drug discovery, drug delivery and healthcare.
These funds were part of a $5.7 million investment announced by Governor Edward G. Rendell that will expand upon university research efforts, bring new products to the marketplace, and educate the next generation of high-tech workers.The funds, approved by the Ben Franklin Technology Development Authority at its quarterly meeting today, will help to strengthen Pennsylvania as a leading nanotechnology state and lay the groundwork for continued progress once the economy rebounds.
Since its inception, the Pennsylvania Initiative for Nanotechnology has invested $103 million in nanotechnology research and commercialization partnerships and it has leveraged nearly $500 million in private investment. The projects approved today by the Ben Franklin Technology Development Authority are all initiative-supported.
For more information on BFTDA, the Pennsylvania Initiative for Nanotechnology, or the commonwealth's other community and economic development programs, visit www.newPA.com.