Geisinger Health System Obtains Major Funding From Ben Franklin Technology Development Authority

(HARRISBURG) - - The Ben Franklin Technology Development Authority today approved $500,000 in funding to Geisinger Health System to further develop an innovative bio-banking project, according to state Sen. John R. Gordner (R-27), a member of the Ben Franklin Board. Geisinger Ventures led the successful capital raising effort on behalf of Geisinger Clinic, which will receive the funding and manage the bio-bank.

The one-million dollar first phase of the bio-banking project at Geisinger involves the collection of human blood and sera from a representative population. The samples are stored long-term and will be used for biomedical based research.

"The bio-bank will enable researchers to analyze information that will significantly contribute to personalized medical treatment directly related to the patient's genetic makeup," according to Denise Prince, CEO of Geisinger Ventures. "This will help us develop new ways to prevent and treat disease on an individualized basis."

Geisinger Ventures approached Senator Gordner with the proposal several months ago, and they immediately began coordinating with the Department of Community and Economic Development and the Ben Franklin authority.

"This is the kind of exciting, high tech economic development we want in our area," said the Senator, noting that the bio-bank project will initially create 12 new jobs with more than double that amount anticipated in future phases. "This fits in nicely with Geisinger being a founding member of the Greater Susquehanna Keystone Innovation Zone."

The Ben Franklin Technology Development Authority assists in the implementation of technology related economic development projects on a regional basis throughout the Commonwealth.

CONTACT:

Todd B. Roup, Sen. Gordner's Office
(717) 787-8928

Denise Prince, Geisinger Ventures
(570) 214-9286