INDIANAPOLIS, Nov. 1, 2010 /PRNewswire/ -- More than half of the life sciences start-up companies in the BioCrossroads-managed Indiana Seed Fund portfolio have received notices of funding through the Therapeutic Discovery Project Credit under the federal Patient Protection and Affordable Care Act of 2010.
Seed Fund companies AgeneBio, CS-Keys, FAST, GRest, Pericardial Access and SonarMed all learned today from the Internal Revenue Service of their certification for a qualified investment via this federal tax credit program.
"It's a great day for Indiana's entrepreneurs and some of our most promising therapies and medical devices. With a federal government short on funds and an economy tight on capital, this is a significant amount of funding that will add some very timely fuel to some of our most important development efforts," said David Johnson, president and CEO of BioCrossroads. "It's also interesting confirmation, from a credible if somewhat unusual source, that our Indiana Seed Fund is a good judge of breakthrough innovation when it comes to start-ups for advancing novel drug, device or diagnostic products."
The IRS called for applications for funding during June and July 2010 for innovative diagnostic projects as well as projects that develop a novel product, process, or technology to further the effective delivery or administration of innovative therapeutics.
BioCrossroads (www.biocrossroads.com) is Indiana's initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the region's research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises (Indiana Health Information Exchange, Fairbanks Institute for Healthy Communities, BioCrossroadsLINX, Datalys Center and OrthoWorx) expands collaboration and partnerships among Indiana's life science institutions, promotes science education and markets Indiana's life sciences industry.
Copyright©2010 PR Newswire.
All rights reserved