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Michigan Economic Development Groups and Non-Profit Create Life Science and Innovation Center

PLYMOUTH TOWNSHIP, Mich., July 23 /PRNewswire/ -- The Michigan Economic Development Corp. (MEDC), Ann Arbor SPARK, Greater Wayne Economic Development Corporation and a private foundation are seeking to acquire Pfizer'sPlymouth Township facility to create the Life Science and Innovation Center. The Life Science and Innovation Center, a unique concept in economic development, will connect well-funded, experienced entrepreneurs with business accelerator organizations and start-up companies.

The proposed Life Science and Innovation Center is a 57,518 sq. ft. facility that offers office space, state of the art laboratory facilities and vivarium areas. MEDC, Ann Arbor SPARK and Greater Wayne Economic Development Corporation have contributed a combined $3.5 million to purchase the facility from Pfizer, which would be purchased by a to-be-formed non-profit who would also operate the facility.

"The state ofMichigan and its partners strongly support the development of our life sciences industry," said James Epolito, MEDC president and CEO. "The collaboration propelling the Life Science and Innovation Center will ensure its long-term success and present an exciting opportunity for life sciences businesses throughout southeastMichigan."

The Center's plan calls for the funding of ongoing operational costs through a combination of public, private and foundation support.

Business acceleration services offered at the Life Science and Innovation Center will include peer-to-peer mentoring that will connect experienced entrepreneurs with start-up ventures. Several tenants have committed to occupying the Center with announcements to be made at a future date. Additional business acceleration services offered will include access to wet lab and research space, funding support and other critical services.

"The Life Science and Innovation Center fills a need for entrepreneurial support and incubator space in southeastMichigan," explained Roger Newton, founder, president and CEO of newly restarted Esperion Therapeutics, Inc. "It's exciting that this initiative will connect entrepreneurs and established business owners; entrepreneurial experience can benefit start-up companies throughout their formation and growth."

Ann Arbor SPARK and Greater Wayne Economic Development Corporation have worked closely to bring together the resources needed to support the acquisition and ongoing operation of the Life Science and Innovation Center. "The Life Science and Innovation Center represents the region's next step in diversifying our life sciences economy beyond Pfizer," said Michael A. Finney, SPARK president. "Ann Arbor SPARK and our partners in this effort are committed to attracting and retaining high-value knowledge workers and leading-edge life science companies."

"Cross-regional collaboration is vital to ensuringMichigan's new economic success," said Mulugetta Birru, CEO, Greater Wayne Economic Development Corporation. "Providing access to all of the myriad resources a start-up needs to thrive, all under one roof, will result in creating a life sciences hub in metroDetroit. The Life Science and Innovation Center is a destination for companies that want to grow in southeastMichigan."

SOURCE Ann Arbor SPARK

Tags: Education and schools, Real Estate, michigan

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