Ohio medical companies get grants, tax credits from health reform

Sixty-two medical companies in Ohio have received grants or tax credits through a provision of this year’s health reform law that’s designed to fund the development of new therapies.

The grants come through the $1 billion Qualifying Therapeutic Discovery Project tax credit, which is intended to fund projects that show significant potential to produce new and cost-saving therapies, support good jobs and increase U.S. competitiveness, trade group BioOhio said. (Startups with no tax liability can choose instead to receive a grant.)

The grants max out at $244,000, but some companies pulled in more cash by receiving multiple grants. Big winners included Columbus-based OptimumTherapeutics and Cincinnati-based Akebia Therapeutics, which both received more than $700,000 through the program. Not too shabby for a piece of legislation that some pro-business people regard as “a monstrosity.”

For the full list of Ohio recipients (so far), visit BioOhio’s always-informative MicrOHscope blog.