Giannoulias tours Champaign bio-tech company
Promotes expanding tech jobs, state venture capital investments

June 23, 2008

Illinois State Treasurer Alexi Giannoulias toured a bio-technology company in
Champaign today to promote the state’s investment in venture capital firms.

iCyt Mission Technology, Inc. is one of 22 tech companies in Illinois that has received
support from venture capital firms which receive funding from the Treasurer’s
Technology Development Account (TDA).

The investment helped iCyt, which produces equipment for cell and disease research.
The company has grown from just four employees a few years ago to 55 today.

"The TDA supports Illinois entrepreneurs in their quest to make Illinois a technology hub
and bring thousands of professional jobs to our state,” Giannoulias said.

The TDA was created by the Illinois General Assembly in 2002 to attract, assist and
retain high-quality technology businesses in the state.

Under the guidelines of the program, the Treasurer’s Office can commit no more than 1
percent of the state’s investment portfolio to certain venture capital firms that have a
commitment to investing in start-up technology businesses in Illinois.

To date, $55 million has been committed, creating hundreds of well-paying jobs in
Illinois’ technology community. The Treasurer’s Office is supporting legislation to
increase the state’s investment in venture capital to 3 percent of its portfolio.

Senate Bill 786, sponsored by State Sen. Jeff Schoenberg passed out of the Senate
unanimously on April 16 and is currently in the Rules committee in the House.

"Investing in these venture capital firms and ultimately Illinois companies is the wave of
the future,” Giannoulias said. “This creates a welcoming environment for these
companies that will provide high-paying jobs well into the future.”

To best protect the state’s assets, the Illinois State Treasurer’s Office does not invest
directly in start-up firms. In the case of iCyt, the Treasurer’s Office committed money
from its investment portfolio to Illinois Ventures, a venture capital firm with offices in
Chicago and Champaign.

Illinois Ventures then invested in iCyt as part of its commitment to build a tech industry
in the Midwest. About 90 percent of the companies Illinois Ventures invests in have
some degree of operation presence in Illinois and more than 60 percent -- including iCyt
-- are entirely based in the state.

"It is vitally important for our business that we are constantly looking for new investment
opportunities in our own home state,” Illinois Ventures CEO John Banta said. “It shows
that we are committed to growth and development in our state, and the funds that are
committed to us from the Illinois State Treasurer’s Office send that same message.”

iCyt makes an instrument that sorts biological cells. This technology is primarily used in
disease research at the present time, and it holds much promise as a key tool for
enabling cell-based therapies for treatment of cancer, Parkinson’s and other major
diseases.

"Without it, we wouldn’t be here,” iCyt CEO Tim Hoerr said of the state’s program.
“When you have a great idea that could ultimately save lives, it’s only an idea until there
is financial backing. Once we were able to get that, not only were we on our way to
providing great technology to our customers, we created a significant number of great
jobs for our community and the state of Illinois.”

For more information from the State Treasurer's Office about its venture capital
program, contact the Technology Development Account administrator at (312) 814-1699
or visit www.treasurer.il.gov.