November 4, 2010
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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.
January 4, 2010
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As we head into another budget cycle here in Ontario, there has been a flood of news showing that other jurisdictions are investing heavily in recruitment and stimulus for biotech companies. Each one of these investments raises the bar for what has to be done in Ontario to build our own companies and capitalize effectively on our R&D resource base:
- Close to home, Quebec’s recently-announced $122 million Biopharmaceutical Strategy is expected to match Ontario’s OTEC tax holiday (not so useful for biotech) and adds $30 million for R&D credit monetization (fantastically useful for biotech).
- Across the border in the U.S., things have been even busier. The Senate version of the health care reform bill includes the famous (/infamous) 12-year exclusivity period for biologics, but according to a BioWorld article the bill also includes “a therapeutic discovery project tax credit.” Sen. Arlen Specter (D-Pa.) also reportedly offered a measure that would create a translational science grant program through the National Institutes of Health, called the Cures Acceleration Network, and that would aid in expediting the FDA review.
- Add to the federal stimulus an array of state-level initiatives:
- Even the traditional U.S. biotech hotbeds are not standing still: North Carolina’s $250 million innovation fund is almost up and running, with an RFP out for a fund manager. (h/t @GenomicsLawyer)
- And in case you still think we can afford to rest on the laurels of the OETF and OVCF, take a look at John McCulloch’s post on the MaRS blog about his trip to the Suzhou New District in China, which has already incubated NASDAQ-listed solar power company Canadian Solar.
Image from User:Bdk on WikiMedia under the GNU Free Documentation License.
July 18, 2009
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With the critical Senate Finance bill still pending, here’s the pitch from the White House:
The only two things I heard Obama describe as requirements for a bill he would sign:
- No addition to the deficit over 10 years; and
- Insurance exchange: one-stop shop to compare prices, coverage and, interestingly, track record.
He definitely advocated a public plan option, but it wasn’t clear whether that was inside or outside the list of requirements.
Sen. Charles Grassley will not be moving to replace Sen. Specter on the Judiciary committee, contrary to the speculation that I previously passed along. He did have lunch with Sen. Baucus, the President and the Vice President today where the topic was apparently staying off airplanes health reform.
March 30, 2009
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A post on the White House Blog announced the release today of the Administration’s report on the White House Forum on Health Reform (pdf), about the discussions at the health reform event held March 5th.
* say that 5 times fast!