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RESEARCH TRIANGLE PARK (AP) - North Carolina's biotechnology firms pressed governor-elect Bev Perdue on Monday to commit perhaps millions of taxpayer dollars to buoy cash-starved companies that face the prospect of bankruptcy without financing.

After a roundtable discussion with industry executives, Perdue said she wasn't ready to commit even a penny of aid, noting that a looming budget deficit already has her searching for areas to make cuts.

But the Democrat did say she believed the sector was highly valuable for the future of the state's economy, and she vowed to spend most of her time over the coming months on trying to build jobs despite economic turmoil.

"We don't get through it by shutting down any of our hope for the future," Perdue said.

"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."

Biotech companies rely heavily on private financing to fund their research and development. But with the credit markets stagnant and the economy in turmoil, venture-capital firms have been unwilling to commit new cash to companies.

So some executives proposed a public-private entity that would provide perhaps $200 million for companies to tap.

John Russell, a partner at legal firm K&L Gates who aids biotech companies in their growth, said 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.

"I think you could raise a $200 million fund with minimal state investment," Russell said.

It's not clear where that private money would come from. Historically, money to such investment vehicles came from banks or private-equity groups whose unwillingness to invest now are causing the crisis.

But the biotech representatives said the investment could be a boon for the state. They argued it could help shore up company balance sheets in the short term and could serve as a tool to entice other firms from around the nation to move their operations to North Carolina.

"These companies are a platform for job creation right now," said John Campbell, CEO of biotech consulting firm Campbell Alliance Group, Inc.

"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's financial researchers expect the state's budget shortfall could range between $800 million to $1.6 billion by the time the fiscal year ends next June. Perdue said there certainly isn't $200 million in taxpayer money available for new spending in biotech.

She 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 said. "It's not going to be easy. It won't be pretty."