Usually, people pay the Internal Revenue Service. But this week the IRS announced awards to biotech companies in Michigan and elsewhere in the U.S. through the Qualifying Therapeutic Discovery Project program.
The program awarded 57 Michigan firms a total of $18.4 million in grants, according to the IRS website. The program’s grants and tax credits—which are intended to cover up to 50 percent of the cost of qualified biomedical research projects—are part of the $1 billion in funding for the program that was established through the federal healthcare reform legislation passed in March.
These awards have been given to companies to support research in 2009 and 2010 that can improve healthcare and fuel the economy. The funding is especially important to small firms that can use the money for research that otherwise might have been difficult to finance. Indeed, it’s difficult to come by traditional sources of financing for young companies such as venture capital nowadays.
Apparently, these awards are a big deal for the recipients. For instance, Ann Arbor-based Adeona Pharmaceuticals (AMEXAEN) was awarded two grants totaling $488,959 under the program. Those funds will not only support the firm’s Alzheimer’s disease and multiple sclerosis research programs, but they also make up about 38 percent of the firm’s annual research budget, according to the company.
The program awards to each firm were commonly about $245,000, but there were a couple of companies in Michigan working on multiple projects who got more than $1 million—Michigan Critical Care Consultants, or MC3 ($1.1 million), and NanoBio ($1.2 million).
Below is a list of each company that received one or more grants and the total amount of funding. Here’s a link to the IRS website for more detailed information about each of the grants and the research they will support. (Also, look for links to Xconomy’s recent stories about the grant recipients in the list below).
Aastrom Biosciences $244,479
Accord Biomaterials $699,370
Accuri Cytometers $244,479
Adeona Pharmaceuticals $488,959
AlphaCore Pharma $$244,479
Angott Medical Products $244,479
Armune BioScience $244,479
Art Optical Contact Lens $84,418
AureoGen Bioscience $244,479
Cayman Chemical $323,700
Compendia Bioscience $244,479
Delphinus Medical Technologies $244,479
Esperion Therapeutics $244,479
Genetics Squared $244,479
Great Lakes BioSciences $244,479
Housey Pharmaceutical Research Laboratories $488,958
Innovative Biotherapies $244,479
Integrated Sensing Systems $488,958
Life Magnetics $193,692
LPIT Solutions $$244,479
LVAD Technology $244,479
Meditrina Pharmaceuticals $244,479
Metabolic Solutions Development $244,479
Michigan Critical Care Consultants (MC3) $1,110,068
Michigan Technology Research Institute $51,597
NeuroNexus Technologies $209,944
Phrixus Pharmaceuticals $488,958
ProNAi Therapeutics $244,479
QuatRx Pharmaceuticals $244,479
RealBio Technology $244,479
RetroSene Therapeutics $162,844
Rockwell Medical Technologies $244,479
Rubicon Genomics $394,529
Sonetics Ultrasound $244,479
Swift Biosciences $244,479
Tangent Medical Technologies $244,479
TCH Pharmaceuticals $57,602
Therapeutic Systems Research Laboratories $573, 095
Tolera Therapeutics $244,479
Ultrasound Medical Devices $244,479
Velcura Therapeutics $194,016.10
Xoran Technologies $488,958