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U.S. Economic Development Administration Invests $600,000 to Support Advanced Manufacturing in the Medical Device Industry in Pennsylvania

September 2, 2014

WASHINGTON, Sept. 2 -- The U.S. Department of Commerce'sEconomic Development Administration issued the following news release:

The U.S. Commerce Department'sEconomic Development Administration (EDA) today announced a $600,000 grant to Ben Franklin Technology Partners of Southeast Pennsylvania to support the creation of the Advanced Manufacturing for the Medical Device Industry initiative that will work to accelerate the development, commercialization and manufacture of the next generation of medical devices employing new materials, software and advanced manufacturing processes.

"Helping communities compete in a changing world is central to effective economic development," said Assistant Secretary of Commerce for Economic Development Jay Williams. "The EDA investment announced today will help give the Philadelphia area a competitive advantage in the medical device field."

The EDA investment will provide Philadelphia area companies with services and support critical to helping them utilize new advanced manufacturing methods for product/prototype development, manufacturing and commercialization. In addition to helping solve technical issues, companies will gain access to business resources, financing and partnering solutions that can provide 3-D rapid prototyping, venture funding and company expertise critical to growing emerging technologies. The grantee's project goals include assisting 25-30 companies with company specific needs, 10 strategic partnerships, and it estimates that 30-40 jobs will be created and $5 million to $7 million in private investment will be generated as a result of the project.

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Source: Targeted News Service

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