North Carolina’s biotechs are pressing Governor-elect Bev Perdue to commit millions of taxpayer dollars to buoy their cash-starved companies, w hich they say face the prospect of bankruptcy without financing, the Associated Press reports.

After a roundtable discussion with industry execs, Perdue tells the AP she is not ready to commit any aid, noting that a looming budget deficit is already forcing her to search for areas to make cuts. But the Democrat did say she believed the sector is highly valuable to the future of the state economy, and vowed to spend most of her time in coming months trying to build jobs despite economic turmoil.

“We don’t get through it by shutting down any of our hope for the future,” Perdue tells the AP. “This is basic investment in building jobs and creating a work force for the future. And I’m going to be a part of making that happen.”

With credit markets stagnant, venture capitalists have been unwilling to commit new cash. So some execs propose a public-private entity to provide up to $200 million that can be tapped. John Russell, a partner at the K&L Gates law firms says the state could fund only 10 percent of the total investment and leverage cash from other companies by providing tax credits to those that join the effort, the AP reports. “I think you could raise a $200 million fund with minimal state investment,” Russell tells the AP.

It’s not clear where that private money would come from. Historically, money for such investment vehicles came from banks or private-equity groups. But biotechs say the investment could be a boon for the state, could help shore up company balance sheets in the short term and serve as a tool to entice other biotechs to move to North Carolina, according to the AP.

“These companies are a platform for job creation right now,” John Campbell, who heads a biotech consulting firm, tells the AP. “If we get in there with smart programs, we can move companies to North Carolina. Our return on investment is going to be far better if we look over the next 10 years. But we’ve got to act now.”

Biotech revenues in the state were about $28.7 billion in 2006, and the sector directly employed some 53,200 people at the time, according to data compiled by the North Carolina Biotechnology Center.

North Carolina expect a budget shortfall could range between $800 million to $1.6 billion by the time the fiscal year ends next June. And so Perdue says $200 million in taxpayer money isn’t available for new spending in biotech, but expects to have her first serious budget briefing next week. “People across North Carolina are going to be mad at me about the decisions I’m going to have to make,” Perdue tells the AP. “It’s not going to be easy. It won’t be pretty.”