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Introducing Saginaw’s First
Venture Capital Fund
June 30, 2003
Targeting companies with
growth potential
In 2002, Bio-Star was founded by Dr. Louis Cannon, a cardiologist
with Michigan CardioVascular Institute in Saginaw. By the end of 2003,
Bio-Star had already completed its initial funding phase, with $6.3
million in capital from about 15 investors world wide. By mid-year of
2004, Bio-Star may have as many as 100 investors with $15 million in
capital to invest in cutting edge medical technology companies.
Bio-Star is the kind of company that is typically found in a high
tech, research community such as Ann Arbor or the Silicon Valley.
However, Dr. Cannon has practiced medicine in Saginaw for 13 years, and
he is excited about the prospects of Bio-Star as the first company of
its kind to be based in Saginaw.
SFI provided key referrals and resources to Bio-Star by making
introductions to appropriate contacts at the Michigan Economic
Development Corporation, the State’s Tri-Technology Corridor and
Michigan’s Small Business & Technology Development Center. In addition,
SFI provided information and introductions for potential funding and
investor sources.
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