Lou Anne Flanders-Stec, the manager of the Piedmont Angel Network, was all smiles at Money & Markets on Friday.

She had good reason.

“We just announced a $100,000 contribution from Wake Forest University Health Sciences,” Flanders-Stec said with a smile as she greeted well-wishers and peers at the annual Council for Entrepreneurial Development forum.

The announcement was another step toward reaching PAN’s goal of $5 million. PAN group raised $3.8 million thus far from 68 individuals and entities, Flanders-Stec said. The entities, which total eight, is a variety, such as family trusts and corporations, she said. She added WFU Health Sciences represents the first university investment.

PAN closed on its first money at the end of 2002 and already has made investments in Batanga.com, a Greensboro-based Internet firm focused on the Hispanic market, and Kucera Pharmaceutical, a Wake Forest University and University of North Carolina at Chapel Hill spin-off.

In announcing the investment, Richard Dean, MD, the president and CEO of Wake Forest U. Health Services, said there were several reasons to do so.

“We feel it is important — to invest in this fund because it will aid promising local companies as they attempt to get going,” he said in a statement. “Investment in this fund is tangible evidence of out continued commitment to the community and also to new companies that might grow to the point of contributing significantly to the Piedmont Triad Research Park.”

The research park is an effort to help foster growth of high-tech and life science firms in the Triad.

PAN was formed in December 2001 as a joint venture between the Piedmont Entrepreneurs Network (PEN) and the Small Business Development and Technology Center in the Triad.

For more information about PAN, visit the PEN web site:

PEN: www.pentriad.org