The Cross-Border Biotech Blog

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

Tag Archives: Therapeutic Discovery Project

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.

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