Baucus Touts New Biomedical Research and Job Opportunities
Senator Fought to Give Innovative Companies Tax Breaks, Promote Job Growth
Posted: Thursday, November 4, 2010
Posted: Thursday, November 4, 2010
(Washington, D.C.) - Montana's senior U.S. Senator Max Baucus applauded the Montana recipients of the Qualifying Therapeutic Discovery Project announced by the U.S. Treasury, U.S. Department of Health and Human Services and the National Institutes of Health. The program gives tax credits and grants to small biotech companies in Montana to help offset up to 50 percent of the cost of qualifying research. Baucus fought for the new tax credits aimed at helping small biotechnology companies speed up the development of advanced new therapies, retain and create jobs and maintain American leadership in biotechnology innovation.
"Montana has incredible potential to create good-paying jobs in the biomedical research and manufacturing industry," said Baucus. "Giving these businesses a break for investing in research and hiring more employees will help boost Montana's economy in an innovative and sustainable way. This is a winning combination because this research that can lead to more affordable medical treatments and technological advancements."
Bacterin International Holdings, Inc. based in Belgrade will receive nearly $237,000 in grants for its antimicrobial orthopedic surgical devices designed to fight infection. CEO and President of Bacterin International Holdings, Inc. Guy Cook said the investment will create jobs at a critical time for Montana. "This grant will allow us to expand our research efforts, support the development of cutting edge medical devices, and create additional technical jobs for Montanans," said Cook. "The Antimicrobial Orthopedic Surgical Fixation Devices project grant will benefit patients and reduce healthcare costs by helping to minimize the number of surgical site infections."
Additional Montana biotech companies included in today's announcement are:
• Butte-based manufacturing and engineering company, Resodyn Corporation will receive close to $250,000 in tax credits for research and development.
• Whitefish-based Genectar Com, LLC will receive more than $13,000 for comparative genomics research to come up with a new therapy for metastatic melanoma.
• Microbion Corporation based in Bozeman will receive more than $130,900 for research into antimicrobial therapeutic treatment of infectious diseases.
• NanoValent Pharmaceuticals of Bozeman will receive $13,500 for its project looking into a new drug delivery system for cancer treatment.
• Bozeman-based SensoPath Technologies, Inc will receive more than $16,400 for its targeted two-photo photodynamic therapy drugs for cancer treatment.
Ateris Technologies has offices in Missoula and Bozeman. Ateris co-owners Jon Nagy and Charles Thompson received grants under the program in 2009. Nagy says the grants will help Ateris retain key employees and add new personnel. "Senator Baucus has shown tremendous leadership in Montana in the area of assisting small businesses to create more job opportunities, especially in challenging economic times," said Nagy. Thompson calls the grants a big boost. "We again thank Senator Baucus for his support of the industry and for bringing this important tax credit opportunity to small businesses in Montana that are engaged in medical biotechnology," said Thompson.
LigoCyte Pharmaceuticals of Bozeman also received grants under the program in 2009 to further the company's development of a vaccine to guard against the Norovirus. Executive Director of the Montana BioScience Alliance, Sharon Peterson said, "I am really proud of these companies. These grants are so worthwhile when you consider just how much they can benefit our state. Montana companies like Bacterin, Ligocyte and Ateris are seeking a cure for the diseases that affect our colleagues, employees, families and neighbors."
Effective biomedical research can push the limits of modern medicine and make cost-prohibitive treatments affordable for all thanks to technological advancements. The tax credit recipients announced today are investing in every imaginable sector of medical research, developing cancer treatments, vaccinations, infection-proof surgical tools, and many other examples of groundbreaking technologies.
Tax credit recipients had to meet a predefined standard in their research in order to receive funding. The firms had to demonstrate the potential to address unmet medical needs, produce new therapies, reduce the upward climb of costs or advance the goal of curing cancer within the next three decades.
In an effort to maintain growth, recipients were also considered based on their potential to create and sustain high-quality jobs in an industry considered to be a cornerstone of the 21st century economy. Biotechnology companies employ 1.3 million workers, and with proper investment and seed money, today's small firm become tomorrow's industry leader.
Startups with promising research also had the option of requesting the funding as a grant rather than as a tax credit. These firms often do not turn a profit for long periods after their initial research stages and therefore may not benefit from an income-tax credit.
Contact: Kate Downen (406) 224-5056 or Kathy Weber (406) 657-5915
# # #
Please use the following for schedule requests:
Contact the DC office at:
511 Hart Senate Office Building
Washington, DC 20510
(202) 224-2651 (Office)
(202) 224-9412 (Fax)
Max is pleased to have eight offices throughout Montana to serve you better.
222 N 32nd St Ste 100
Billings, MT 59101
220 W Lamme Ste 1D
Bozeman, MT 59715
245 E Park St LL E
Butte, MT 59701
122 W Towne St
Glendive, MT 59330
113 3rd St N
Great Falls, MT 59401
30 W 14th St Ste 206
Helena, MT 59601
8 3rd St E
Kalispell, MT 59901
280 E Front St Ste 100
Missoula, MT 59802
Official Website of Max Baucus