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Governor Doyle Announces Biotechnology Projects
For Immediate Release: August 27, 2010
Contact: Tony Hozeny, Department of Commerce, 608-267-9661
Laura Smith, Office of the Governor, 608-261-2162
MADISON - Governor Jim Doyle today announced three projects highlighting Wisconsin's growing prominence in biotechnology. Department of Commerce (Commerce) Deputy Secretary Zach Brandon announced the projects on behalf of the Governor at the Biotechnology Vision Summit held August 25 in Madison.
"I've made a personal commitment to build on Wisconsin's strengths in biotechnology," Gov. Doyle said. "As a result, Wisconsin has become a regional biotechnology powerhouse. Biotechnology companies are starting, expanding and relocating to Wisconsin because we can provide the resources and the infrastructure to help them grow and prosper."
The projects are as follows:
- Stablebody Technologies, formed in 2009, received Qualified New Business Venture certification from Commerce to commercialize a new technology in antibody research, development, and manufacturing. Antibodies are an important tool in biomedical research. It is moving from Argonne, IL, to Middleton. Commerce certified the company as eligible for up to $1 million in investment, which makes its investors eligible for a 25-percent tax credit on the amount they invest in the company.
- Echometrix, Madison, has developed software that uses ultrasound to measure functional capacities of muscle, ligaments and tendons. It has formed a partnership with Pan Am Clinic, Manitoba, Canada, a leading treatment center for musculoskeletal disorders. They have received $150,000 in funding from Manitoba's Science and Technology International Collaboration Fund. The Wisconsin company gained access to this partner and fund through the memorandum of understanding between Wisconsin and Manitoba signed in October 2009. Commerce certified Echometrix as a Qualified New Business Venture and provided the company with a $250,000 loan in 2009.
- Commerce is facilitating a strategic alliance partnering event with Teva Pharmaceutical Industries Ltd., a top 15 global pharmacological company in 50 countries employing 25,000 people. Its areas of interest include Oncology, Neurology and Inflammatory/ Autoimmune Diseases. Wisconsin companies and researchers interested in submitting a non-confidential executive summary or their research and technology for the company's review can visit Commerce's website at www.commerce.wi.gov and click on the Wisconsin Strategic Alliance Program. Companies of interest will be contacted for one-on-one meetings to be held on October 13-14, 2010 in Madison.
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