Development finance panel to consider Strategic Fund, lab grant requests late this month

The Delaware Council on Development Finance has a hefty agenda at its late June meeting.

The panel that approves grants under state programs will meet at 9 a.m. on July 27th at the Buena Vista Conference Center south of New Castle to review a number of applications under state programs. The grants are typically tied to employment and the total investment by the applicants.

The state has new programs including a laboratory space grant that addresses the shortage of such space in Delaware.

Clean hydrogen start-up Versogen, based near Wilmington, is seeking a $600,000 strategic grant after receiving equity funding for its research and development work. Among the investors in Versogen is Wilmington-based Chemours.

Pharmaceutical start-up Prelude Therapeutics, based near Wilmington, is seeking $960,000 for a Graduated Lab Space grant. Prelude has more than 100 employees and is developing potential cancer drugs.

Other requests

  1. Compact Membrane Systems, Inc. – The applicant is requesting $50,000 from the Delaware Strategic Fund Delaware Technical Innovation Program for a Small Business Innovation Research grant. The business is based near Wilmington.
  2. Applicant: Advanced Materials Technologies, Inc. – The north Wilmington applicant is requesting an adjustment to their Graduated Lab Space grant in the amount of $247,600.
  3. Applicant: Analytical Biological Services, Inc. – The applicant based in Wilmington, is requesting an adjustment to their Graduated Lab Space grant for $400,000.
  4. Applicant: Town of Smyrna – Review and approve an application to the State’s Site Readiness Fund.

The council will also study a request from the Pilot School, north Wilmington, for a maximum of $8 million to refinance revenue bonds. The state assumes no risk from the bonds sold to investors but must approve the request. The private school focuses on students with learning disabilities.

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