Ben Franklin to Invest $572,000 in Regional Economic Development

Business Wire, Oct 5, 2004

BETHLEHEM, Pa. -- The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) announces investments of $572,000 with four early stage companies, three established manufacturers, and one business incubator.

Ben Franklin announces the following early-stage company investments:

ASP Platform Services, LLC, Millville, Columbia County

BF Investment: $150,000

Commercialize the new M4app product. M4app is a web-enabled software product that automates mortgage foreclosures, facilitating the sheriff sale process. The M4app provides the sheriff with a professional web presence and a secure online document exchange environment for attorneys involved in the foreclosure process. The M4app has been successfully launched in several eastern Pennsylvania counties.

Patriot Metal Products, Berwick, Columbia County

BF Investment: $60,000

Add wet spray painting capabilities to this company's current metal finishing product offerings of powder coating and zinc plating. These expanded offerings will require the engineering and construction of equipment specifically designed to be integrated into the existing process line.

Pugliese Pharmaceutical Services, Shartlesville, Berks County

BF Investment: $150,000

Develop manufacturing processes for this contract manufacturer of pharmaceutical products and medical devices. Complete the affiliated tracking and documentation to obtain FDA certification for the production of topical pharmaceuticals, and then secure it for prescription pills.

Saladax Biomedical, Inc., Bethlehem, Northampton County

BF Investment: $150,000

Develop a line of immunologically-based tests for determining levels of chemotherapy in the blood of cancer patients. Individual absorption rates of chemotherapy drugs vary widely, and the optimum level of medication is critical to effectively treat the cancer while minimizing debilitating and potentially life-threatening side effects. Personalized Chemotherapy Management tests will allow oncologists to quickly and cost-effectively determine the optimally effective blood concentration of the chemotherapy drug in an individual patient.

Ben Franklin announces the following investments in established manufacturers:

Fusion Coatings, Inc., Robesonia

BF Investment: $10,000

Develop a technique to better serve a niche market in plastic powder coating. With the Electrotechnology Applications Center at Northampton Community College, Fusion Coatings will fully analyze, improve, and automate its process for the deposition of a nylon coating.

Henson Company, Sinking Springs

BF Investment: $14,000

With the help of Lehigh University's Enterprise Systems Center, the company will conduct a series of manufacturing simulations in order to optimize production. Henson manufactures and distributes athletic apparel for wrestling, soccer, and basketball. This will address client demands for cost and cycle time reductions and thereby retain and grow the market niche.

Summit Steel & Manufacturing, Wyomissing

BF Investment: $38,000

With the help of Lehigh University's Enterprise Systems Center, Summit Steel & Manufacturing will conduct a series of manufacturing simulations. This will help this contract manufacturer of steel and precision steel components to ascertain the optimum parameters to be used in the design and construction of a new production facility. The result will be reduced costs, allowing improved margins with competitive prices.

This funding allocation also includes an investment in an incubator in the Ben Franklin Business Incubator Network, an organization composed of nine incubators throughout northeastern Pennsylvania that is led by the Ben Franklin Business Incubator.

Bridgeworks Incubator, Allentown

BF Investment: $20,000

Support the business development services at the Bridgeworks Enterprise Center, in order to grow early-stage businesses and create new employment opportunities that diversify and strengthen the economic base of the Lehigh Valley. Bridgeworks is owned and operated by the Allentown Economic Development Corporation.

About the Ben Franklin Technology Partners of Northeastern Pennsylvania

BFTP/NEP links companies with experts, universities, funding, and other resources to help them prosper through innovation. The Center strategy encompasses three key areas: developing early-stage, technology-oriented companies; helping established manufacturers creatively apply new technologies and business practices; and promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies. The northeastern center, located on the campus of Lehigh University with regional offices in Lewisburg, Reading, and Wilkes-Barre, is part of a four-center, state-funded economic development initiative.