Navigation Links
Texas Biotech Firms Receive More Than $35 Million in Federal Grants and Credits
Date:11/4/2010

AUSTIN, Texas, Nov. 4, 2010 /PRNewswire/ -- One-hundred seventeen Texas biotechnology companies were awarded more than $35 million in federal tax credits and grants yesterday as part of the Qualifying Therapeutic Discovery Project Tax Credit Program administered by the U.S. Department of the Treasury and the National Institutes of Health.

"The Therapeutic Discovery Credit has provided Texas Life Science companies the ability to continue to invest resources into their ongoing research and development activities," said Tom Kowalski, President of the Texas Healthcare and Bioscience Institute (THBI).  "This comes in the form of equipment and personnel.  This tax credit provides a much needed shot in the arm for Texas Life Science Companies to help them weather the tight credit markets."  

The announcement of the awards was made yesterday in Washington, D.C. by Secretary of the Treasury Tim Geithner and Secretary of Health and Human Services Kathleen Sebelius who were also joined by NIH Director Dr. Francis Collins to announce the recipients of the $1 billion in new therapeutic discovery project credits.

"These grants made possible by the Affordable Care Act will not only help to create jobs and bolster the economy but also bring us closer to the next generation of life-saving cures," said NIH Director Dr. Francis Collins.  "The projects funded show significant potential to create new therapies that will address unmet medical needs and bolster the medical countermeasure supply we use to respond to health emergencies."

A total of 2,923 companies specializing in biotechnology and medical research in 47 states and the District of Columbia received awards under the program.  In all, 4,606 applications from these nearly 3,000 companies were awarded funding.

The therapeutic discovery project program is targeted to projects that show significant potential to produce new therapies, address unmet medical needs, reduce the long-term growth of health care costs, or advance the goal of curing cancer within the next 30 years.  The allocation of the credit also reflects which projects show the greatest potential to create and sustain high-quality, high-paying jobs in the United States and to advance our competitiveness in the fields of life, biological, and medical sciences.  Today, the biotechnology industry employs 1.3 million workers, and the industry continues to be a key growth engine for the economy.

The credit covers up to 50 percent of the cost of qualifying biomedical research and is only available to firms with fewer than 250 employees.  To provide an immediate boost to U.S. biomedical research and the small businesses that conduct it, the credit is effective for investments made in 2009 and 2010.  Firms could opt to receive a grant instead of a tax credit, so start-ups that are not yet profitable can benefit as well.

In Texas, a total of 158 projects at 117 companies will receive over $35 million in funding through the program.  Several companies were awarded for multiple projects, with eleven being the highest number of awards given to a single company in Texas.

According to THBI, the Texas Life Science industry generates a significant economic impact in the State of Texas.  The total economic impact in Texas is estimated at $75 Billion in economic activity, 236,000 jobs and $31 Billion in payroll.  State and local governments receive and estimated $2 Billion each year due to these impacts.  

The Biotechnology Industry Organization (BIO), supported by more than 40 state bioscience affiliate organizations, was instrumental in advocating for the program and is now encouraging policy-makers to renew the program for another year.  Jim Greenwood, president and CEO of BIO said, "We now call on Congress and the Administration to work together to extend and expand the Therapeutic Discovery Project to support continued American innovation and accelerate the development of life-saving cures."

To view the full list, click here.

The mission of the Texas Healthcare and Bioscience Institute is to research, develop, and advocate policies and actions that promote biomedical science, biotechnology, agriculture and medical device innovation in Texas.   www.thbi.com


'/>"/>
SOURCE Texas Healthcare & Bioscience Institute
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Texas A&M chemical engineers work could lead to improved DNA analysis
2. Texas A&M veterinary researchers achieve cloning first
3. Texas Tech, U of Utah win Sandia microdevice competition
4. Texas Teen Opts for Stem Cell Therapy, Hopes of Enlisting in Military
5. $250,000 Awarded to Smartfield, Inc. of Lubbock, TX by the Texas Emerging Technology Fund
6. Texas-Based Consortium Announces Project GreenVax: A Groundbreaking Vaccine Manufacturing Research Program
7. UH Superconductivity Center Receives Texas Emerging Technology Fund Award
8. WaferGen Announces that University of Texas Southwestern Medical Center Demonstrates Utility of New SmartChip(TM) Nano-Dispenser with WaferGens SmartChip(TM) High-throughput Real-Time PCR System
9. Texas State University Prepares for Phase 2 Research on the Potential New Cancer and HIV Fighting ALKA-V6 Compound
10. SRA International Wins $16 Million Contract from Cancer Prevention and Research Institute of Texas
11. University of Texas Picosatellite to be launched from space shuttle to begin milestone mission
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/27/2017)... ... ... The Catalyst Midwest premix manufacturing facility has been certified as organic, ... label organic services. , The first organic product is Organic 18 Percent Layer Feed, ... Marketing, which owns the facility. , Catalyst already has received the Safe Feed/Safe ...
(Date:2/24/2017)... Calif. (PRWEB) , ... February 24, 2017 , ... Chef ... and wine scene. Making stops in several cities, she gained a number of ... adventure began in Stellenbosch, a town in South Africa’s Western Cape province. It ...
(Date:2/24/2017)... Blood Corporation (NYSE: CO ) ("CCBC" or ... laboratory testing, hematopoietic stem cell processing and stem cell ... the third quarter and first nine months of fiscal ... Quarter of Fiscal 2017 Highlights Revenues ... 18.6% to RMB200.9 million ($28.9 million). ...
(Date:2/23/2017)... NEW YORK , Feb. 23, ... , a leading digital health company, and ... of telemedicine and remote patient monitoring, announce they ... reimbursements.  DN Telehealth maximizes collaboration ... real-time, extending consultations beyond a physical clinical setting ...
Breaking Biology Technology:
(Date:2/10/2017)... Research and Markets has announced ... - Scientific and Commercial Aspects" to their offering. ... Biomarkers ... with therapy for selection of treatment as well for monitoring ... of disease in modern medicine. Biochip/microarray technologies and next generation ...
(Date:2/8/2017)... NEW YORK , Feb. 7, 2017 Report ... ... and should reach $11.4 billion by 2021, growing at a ... Report Includes - An overview of the global markets for ... from 2015, estimates for 2016, and projections of compound annual ...
(Date:2/7/2017)... , Feb. 7, 2017 Zimmer Biomet ... in musculoskeletal healthcare, will present at the LEERINK Partners ... York Palace Hotel on Wednesday, February 15, 2017 at ... webcast of the presentation can be accessed at ... following the conference via Zimmer Biomet,s Investor Relations website ...
Breaking Biology News(10 mins):