Date:03-Nov-2010
A large number of New York biotechnology companies have been awarded federal grants and tax credits as part of the Therapeutic Discovery Tax Credit Program that was established within the federal healthcare reform act. In all, 142 New York biotech companies received $48,014,955.47, representing 219 individual research projects.
“The Therapeutic Discovery Tax Credit enables New York’s most innovative companies to maintain their commitment to cutting-edge research,” said Nathan Tinker, Executive Director of the New York Biotechnology Association. “The program helps biotech companies to invest in the discovery and development of new cures, meeting unmet needs in the medical marketplace, and creating high-paying jobs throughout New York State. NYBA congratulates all the recipients for this recognition of their outstanding work.”
The largest grants in New York went to ChemBio ($1,466,875.50 for 6 projects), PsychoGenics ($1,222,396.21 for 5 projects), AngioBlast ($1,222,396.20 for 5 projects) and IRX Therapeutics ($1,086,976.69 for 5 projects). Other companies received grants of between $151,000 and $977,000.
“This comes at a time when many bioscience companies are struggling for funding,” continued Nathan Tinker. “We join with BIO (Biotechnology Industry Organization) in calling for an extension of this program for a second year, as it will help to further stimulate and grow jobs in bioscience sector.”
In New York, the biopharmaceutical industry supports over 150,000 jobs and creates $29.1 billion in annual economic activity.
For more information go to www.nyba.org or contact Nathan Tinker, NYBA Executive Director, at 631-444-8895.
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About New York Biotechnology Association
NYBA is the leading advocate for advancing the success of the biotechnology industry in New York State and is its main representative to state policy makers, the media and communities. NYBA’s mission is to support the development and growth of New York’s biotechnology industry, and serve our members and the biotechnology community by providing a network for information exchange, shared services and collective action. NYBA’s membership comprises bioscience companies, world-class research institutions and related professional services. Under the banner of The Cures Start Here®, the Association’s goal is to amplify the success New York has had and continues to have in discovering major medical advances and growing a vibrant biotech industry.
Media Contact:
Nathan Tinker
Executive Director
New York Biotechnology Association
631-444-8895
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