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
|SOURCE Texas Healthcare & Bioscience Institute|
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