By EPBJ Staff - Posted on May 27th, 2009

The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors has approved the investment of $567,245 in support of regional economic development. The investments are with six early-stage technology companies, three established manufacturers, and one infrastructure-building initiative.

BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Center staff concentrated their efforts on three key areas:

1. Developing early-stage technology-oriented companies,
2. helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and
3. promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.

Since beginning operation, BFTP/NEP has helped to start 398 new companies, developed 865 new products and processes, created 13,931 new jobs for Pennsylvania workers and retained 20,772 existing jobs. The Ben Franklin Technology Partners of Northeastern Pennsylvania is headquartered on the campus of Lehigh University in Bethlehem. It has regional offices in Lewisburg, Reading, and Wilkes-Barre, and operates Ben Franklin TechVentures, an award-winning business incubator/post-incubator facility, in Bethlehem.

Ben Franklin announced the following as one of its established manufacturer company investments:
Puritan Products, Inc., Bethlehem, Northampton County, Ben Franklin Investment: $32,494
University Partner: Lehigh University

Assist Puritan, which custom formulates chemicals to customer specifications, in attaining “Current Good Manufacturing Practices” compliance status from the U.S. Food and Drug Administration. This will allow the company to expand in the pharmaceutical and biotechnology markets, which require this certification. These industries are experiencing critical and growing needs for raw materials and custom-blended solutions.