NIH Awarded Upstate New York Bio/Med Companies More Than $10 Million in 2010
Wednesday, December 29, 2010
SYRACUSE, N.Y.—The National Institutes of Health awarded more than $10 million in federal grants and tax credits to 42 Upstate New York bioscience and medical technology companies under the Qualifying Therapeutic Discovery Project Program enacted under the healthcare reform law of 2010.
The total amount of $10,247,885.11 represents 55 therapeutic research projects, with individual project awards ranging from $13,202 to $244,479.24. The program, available only to companies with fewer than 250 employees, covered up to 50 percent of qualified investments made in 2009 and 2010.
Of the 42 Upstate companies to receive grants, eight are members of MedTech, the hub of Upstate New York’s Bio/Med industry: Delcath Systems, Diffinity Genomics,Isoflux, Inc., Litron Laboratories, NovaSterilis (KensaGroup), Thermal Gradient,TransTech Systems (BioSensors, Inc.) and Vybion. In total, 144 Bio/Med companies in New York state received $48,226,414.47 in grants and tax credits.
The program targeted projects with potential to reduce the long-term cost of healthcare in the U.S. and to develop therapies that treat unmet medical needs or address chronic and acute conditions, including cancer research. Award of the credit was also based on projects that showed greatest potential for growing high-quality, high-paying U.S. jobs and for advancing U.S. competitiveness in the Bio/Med industry.
The Bio/Med industry employs close to 130,000 New York state residents, with about 95,000 of those jobs located Upstate, according to the U.S. Department of Labor. There are more than 200 Bio/Med companies in Upstate New York—primarily small to mid-sized—70 percent of which are headquartered in the region. MedTech currently represents 92 member organizations from across Upstate New York.
For the complete list of New York grant recipients, click here.
For the complete list of New York tax credit recipients, click here.
MedTech is an active association of pharmaceutical, biotech, and medical technology companies, their suppliers and service providers, and research universities. We boost the growth and prosperity of our members by connecting them for collaboration, offering educational programs, sharing news and information, and advocating for the industry with government and leaders. Our mission is to develop the relationships, tools and programs that enable Upstate New York companies to bring tomorrow’s medical solutions to the healthcare marketplace. For more information, visithttp://www.medtech.org.