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.”
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
For the full list of Ohio recipients (so far), visit BioOhio’s always-informative MicrOHscope blog.
