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July 1st, 2008
Late last week, the state Department of Community and Economic Development announced it has invested $1.5 million in the Albany, N.Y.-based company. The fund's managers plan to open a one-employee office in July at the Scranton Enterprise Center on Lackawanna Avenue.
The company will invest in early-stage Pennsylvania technology companies focused on advanced materials, nanotechnology, imaging, telecommunications, biotechnology and medical devices.
Glenmont must invest three times as much money in local companies as the state's contribution, meaning it will dole out $6 million to new Pennsylvania businesses. Glenmont is targeting startup companies that are close to launching.
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