The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

U.S. Therapeutic Discovery Stimulus Reaches Biotechs in Canada, Israel, Germany

As part of the health reform bill, the U.S. launched a $1 billion Therapeutic Discovery Project tax credit/grant stimulus program. The program announced grant recipients this week, deploying $1 billion just over 7 months after the law was passed, and 5 months after the IRS guidelines were released implementing the project.

A full list of recipients has been posted by the IRS, and interestingly includes a “foreign” recipients section comprising: Canada’s Enobia Pharma, Germany’s mtm laboratories, and Israel’s Pluristem Therapeutics (Nasdaq: PSTI). Canadian biotechs with U.S. affiliates also reported receiving grants: Allon Therapeutics, Ondine Biomedical, and Neuraxon, so far.

The massive influx of cash has produced a predictable call for second helpings, while here in Ontario we’re still waiting for a first deployment from the $7 million announced at the end of April.

About these ads

2 responses to “U.S. Therapeutic Discovery Stimulus Reaches Biotechs in Canada, Israel, Germany

  1. Wayne Schnarr November 4, 2010 at 6:31 pm

    It appears that every project submitted got the same amount of funding – about $240,000. If a company was smart and knew how the system would work, they submitted multiple projects. As an example, Geron got about $1.2 million for the 5 projects they submitted. In this market, any extra funding for the industry is great.

  2. Pingback: Monday Deal Review: November 8, 2010 | The Cross-Border Biotech Blog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 129 other followers