Why Do Biotechs Love the IRS Today? Washington Companies Just Got $34M in Grants
Luke Timmerman11/2/10Follow @ldtimmerman
Biotechies around the country are feeling a lot of love toward the Internal Revenue Service today. And the impact is being felt in Washington state’s biotech cluster, as 83 local biotech companies were awarded grants worth a combined $34 million, in one of the little-known postscripts to the new healthcare reform law that was enacted last spring.
This program, called the Qualifying Therapeutic Discovery Project Grants, was part of an overall tax credit and grant program set up by the IRS to support research project spending during 2009 and 2010. The total budget for the program was supposed to be $1 billion in credits and grants.
I’ve been getting barraged with press releases from companies crowing about these little grants, which are worth about $245,000 per project, although the amount can be prorated for projects that last more or less than one year. Rather than report on all these announcements in piecemeal fashion, I thought I would just publish the list here, and provide a link back to the IRS site, which has more detail on what the project money is going to be used to support. Washington state has five companies that received more than $1 million—Adaptive TCR, AVI Biopharma, Omeros, Proteotech, and Trubion Pharmaceuticals.
“It’s a nice shot in the arm as we try and tie up additional financing for our three programs, and will allow us to hire additional people to work on our hearing loss R&D programs,” says Jonathan Kil, CEO of Seattle-based Sound Pharmaceuticals, whose company was awarded $733,000 in grants.
Without further ado, here are Washington-based companies that got grants, in alphabetical order, followed by how much they are getting. For a full list of the grant winners in each state, check the IRS site by clicking here.
Accium Biosciences $244,479
Adaptive TCR $1,047,954
Advanced Medical Isotope $488,958
Agave Pharma $244,479
Alder Biopharmaceuticals $244,479
Allozyne $488,958
Animex Therapeutics $244,479
Amnis $244,479
Anergix $244,479
AVI Biopharma $1,222,395
Blood Cell Storage $488,958
Calistoga Pharmaceuticals $733,437
Calypso Medical Technologies $488,958
Cancer Targeted Technology $183,928
Cell Therapeutics $977,916
Cerevast Therapeutics $244,479
CG Therapeutics $244,479
CoCrystal Discovery $733,435
Columbia Northwest Pharmaceuticals $488,958
Ekos $297,683
Emergent Detection $229,900
Enject $244,479
Epigenomics $244,479
Etubics $244,479
Focused Scientific $23,232
Healionics $244,479
HemaQuest Pharmaceuticals $977,916
Hyprotek $244,479
Immune Design $488,958
Impel Neuropharma $244,479
Implicit Bioscience $244,479
Inimex Pharmaceuticals $244,479
Insilicos $244,479
Integrated Diagnostics $733,435
IsoRay Medical $526,510
Kineta $733,435
Koronis Pharmaceuticals $244,479
Kurve Technology $244,479
Light Sciences Oncology $488,958
Marina Biotech $244,479
MediQuest Therapeutics $244,479
Micronics $244,479
Mirabilis Medica $244,479
Mirina $488,958
Nanoquantum Sciences $244,479
NanoString Technologies $244,479
Northwest Biotherapeutics $244,479
Nortis $28,823
Oasis Diagnostics $14,367
Omeros $1,585,803
OncoGenex Pharmaceuticals $488,958
Onconome $231,016
Oncothyreon $485,958
Ondine Research Laboratories $244,479
Onkor Pharmaceuticals $488,958
Pacific Biomarkers $244,479
Pathway Medical Technologies $244,479
PhaseRx $488,958
PhenoPath Laboratories $244,479
Poniard Pharmaceuticals $244,479
Presage Biosciences $244,479
Profibrix $244,479
Proteotech $1,167,529
Qwell Pharmaceuticals $244,479
Rarecyte $244,479
Rhine Pharmaceuticals $244,479
Scolr Pharma $251,087
Silere Medical Technology $244,479
Sound Pharmaceuticals $733,435
STB $244,479
Stratos Genomics $244,479
Syntrix Biosystems $939,604
Theraclone Sciences $977,916
Tissue Regeneration Systems $244,479
Trubion Pharmaceuticals $1,222,395
Unigen $488,958
Uptake Medical $244,479
VLST $733,435
VisionGate $359,482
VPDiagnostics $244,479
XL Sci-Tech $185,409
Xori $244,479
