Press Release

Department of Commerce Investment Supports Georgia Medical Device Prototyping and Development Center

June 18, 2010
Contact: John Atwood, (202) 482-4085

New facility will help entrepreneurs bring technology to the market more quickly

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.3 million Economic Development Administration (EDA) grant to Georgia Advanced Technology Ventures, Inc., the Global Center for Medical Innovation, Inc. and the VLP1, LLC of Atlanta, Georgia to build a new facility to accelerate the development of next-generation medical technology and to help bring that technology to the market more quickly. The project is expected to save 20 jobs, create 141 jobs, and generate $72.2 million in private investment, according to grantee estimates.

"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Locke said. "This EDA grant will support job creation and help expand the biotech industry by stimulating innovation in colleges and universities and by healthcare practitioners."

The project represents a partnership between Georgia Tech, Saint Joseph's Translational Research Institute (SJTRI), Piedmont Healthcare and the Georgia Research Alliance.

About the U.S. Economic Development Administration (www.eda.gov):

This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.