We all know what to do when life gives us lemons, but how about a windfall in the form of a potential $11 billion from the nationwide tobacco litigation settlement?
Well, one thing that Pennsylvania did in 2001 with its share was take $100 million and create three "life-sciences greenhouses" to help commercialize the medical technology germinating in labs around the state. In the Philadelphia area, that meant the launch of BioAdvance with $33.8 million in tobacco money.
Organized as an independent nonprofit organization in 2002, BioAdvance started the $20.3 million Greenhouse Fund to invest in start-up firms tackling cancer, Alzheimer's disease, and other serious conditions. The goal was to provide amounts from a few thousand dollars to $1 million to firms at an earlier stage of development than venture capital firms were willing to stomach.
To read the full, original article click on this link: An update on Pennsylvania’s tobacco-settlement payoff | Philadelphia Inquirer | 06/07/2011
Author: Mike Armstrong
