Joomla Login LightBox powered by WowJoomla.com

A Connecticut study shows that investments in start-up tech firms by Connecticut Innovations has resulted in an average 563 new jobs annually in the state.
If it were not for a financial investment provided by Connecticut Innovations, it is unlikely that Cara Therapeutics would call the Naugatuck Valley its home.

The trailblazer in pain treatment received a $4 million loan from Connecticut Innovations to build out its 41,000-square-foot facility in Shelton after its move from Tarrytown, N.Y. Connecticut Innovations also made a $1.5 million in equity investment in the biotechnology company, which develops therapeutics to treat pain and inflammation.

"We moved to Connecticut on the back of that loan," said Derek Chalmers, president, chief executive officer and co-founder of Cara Therapeutics. "We need lab space to develop our novel therapeutic. Now we have 16 employees. We hired all of them since we moved to Connecticut."

A skilled work force is Connecticut's strength, said Peter Longo, president and chief executive officer of Connecticut Innovations, which unveiled a study Thursday showing how the quasi-public technology venture capital firm benefits to the state.

To read the full, original article click on this link: Study: Investments pay for Conn. venture capitalists - NewsTimes

Author: Richard Lee