Thirty-seven Arizona bioscience companies have won more than $9 million in federal tax credits and grants under the Therapeutic Discovery Project, part of $1 billion in awards nationwide announced today by the Obama administration.
The program, funded under the health-care reform bill, is designed to offset up to 50 percent of qualifying research and development costs for specific projects. Companies must have fewer than 250 employees and the projects must show a reasonable potential to satisfy unmet medical needs, reduce long-term growth of health care costs, or significantly advance the goal of curing cancer within 30 years.
Tucson-area companies awarded credits and grants include Research Corporation Technologies, SynCardia Systems, AmpliMed, BioVidria, High Throughput Genomics, MSDx, Salutaris Medical Devices, Thayer Medical and Valley Fever Solutions.
Robert Green president and CEO of the Arizona BioIndustry Association, said the grant awards show Arizona’s biosciences industry can compete nationally.