Colorado's Bioscience Industry Awarded over $23 Million in Federal Funding

According to the Colorado BioScience Association (CBSA), Colorado's bioscience industry received more than $23 million for 102 different projects in the Qualifying Therapeutic Discovery Project (QTDP) program, per data posted online Monday by the Internal

Denver, CO - Colorado's bioscience industry received over $23 million for 102 different projects in the Qualifying Therapeutic Discovery Project (QTDP) program, per data posted online Monday by the Internal Revenue Service (IRS), in conjunction with the Department of Health and Human Services (HHS). The announcement is made by Holli Baumunk, President & CEO of the Colorado BioScience Association (CBSA), who is proud to say that Colorado ranks in the top ten of all states applying for credits and grants under the new program.

"The QTDP program was created under the Patient Protection and Affordable Care Act of 2010 which was enacted in March of this year," Baumunk explains. "This was a unique program in which $1 billion was allocated for tax credits and grants for start-up companies in the bioscience industry to help encourage innovation, advance technology and help ensure that the U.S. remains competitive in this industry. Colorado has a nationally ranked bioscience cluster with the majority of companies being in the start-up phase. Demonstrating the tremendous entrepreneurial climate in the state, more than 100 projects within Colorado have been funded through this program, bringing in more than $23 million for research activities."

This new program was designed to provide tax credits and grants to small bioscience firms that show significant potential to produce cost saving therapies, support US jobs and increase US competitiveness.

For more information about the QTDP program, visit: http://ow.ly/34A1f

The following Colorado companies received QTDP tax credits and grants for their bioscience projects:

* Accelr8 Technology Corporation - www.accelr8.com
* Actium Biosystems, LLC - www.actiumbio.com
* Aktiv-Dry, LLC - www.aktiv-dry.com
* Allos Therapeutics, Inc. - received funding for six projects - www.allos.com
* ApopLogic, Inc. - received funding for two projects - www.apoplogic.com
* Aqueous Biomedical, Inc.- www.aqueousbio.com
* ARCA Biopharma, Inc. - received funding for two projects - www.arcabiopharma.com
* ArcScan, Inc. - www.arcscan.com
* AspenBio Pharma, Inc. - www.aspenbioinc.com
* Beacon Biotechnology, LLC - www.beaconbiotechnology.com
* BioAMPS International, Inc. - www.bioamps.com
* Biodesix, Inc. - received funding for six projects - www.biodesix.com
* BiOptix Diagnostics, Inc. - www.bioptix.com
* Bolder Biotechnology, Inc. - received funding for five projects - www.bolderbio.com
* Cell Point - www.cellpointweb.com
* CeMines, Inc. - www.cemines.com
* Cerapedics, Inc. - received funding for three projects - www.cerapedics.com
* CereScan Corp. - www.cerescanimaging.com
* Chata Biosystems, Inc. - www.chatasolutions.com
* Clovis Oncology, Inc. - received funding for two projects - www.clovisoncology.com
* Corgenix Medical Corp. - www.corgenix.com
* Crestone Inc. - received funding for two projects - www.crestonesystems.com
* EndoShape, Inc. - received funding for two projects - www.endoshape.com
* Eveia Medical, Inc. - www.eveiamedical.com
* Fertility Laboratories of Colorado, Inc. - www.flcolo.com
* Generations Medical Partners, LLC
* GlobeImmune, Inc. - received funding for three projects - www.globeimmune.com
* Greffex, Inc. - www.greffex.com
* Hiberna Corporation
* ICVRX, LLC
* Inviragen, Inc. - received funding for two projects - www.inviragen.com
* Isogenis, Inc. - www.isogenis.com
* Kestrel Labs, Inc. - www.kestrellabs.com
* Lanx, Inc. - www.lanx.com
* Leap Frogg, LLC
* MBC Pharma, Inc. - www.mbcpharma.com
* Micro-Imaging Solutions, LLC - www.micro-imaging.us
* MicroPhage, Inc. - received funding for two projects - www.microphage.com
* Miragen Therapeutics, Inc. - www.miragentherapeutics.com
* Myocept, Inc. - www.myocept.com
* N30 Pharmaceuticals, LLC - www.n30pharma.com
* Ocutronics, LLC - www.ocutronics.com
* Otologics, LLC - www.otologics.com
* Parascript, LLC - www.parascript.com
* PARE Surgical, Inc. - www.paresurgical.com
* Pathogen Systems, Inc. - www.crystaldiagnostics.com
* PharmaJet, Inc. - www.pharmajet.com
* Precision Photonics Corp. - www.precisionphotonics.com
* ProFoldRx, Inc. dba BaroFold, Inc. - www.barofold.com
* Protectstyle Corp.
* Pyxant Labs, Inc. - received funding for two projects - www.pyxant.com
* Rocky Mountain Biosystems, Inc. - received funding for two projects
* SomaLogic, Inc. - received funding for eight projects - www.somalogic.com
* Sophono Inc. - www.sophono.com
* Source Precision Medicine Inc. dba Source MDx - received funding for two projects - www.sourcemdx.com
* St Cardio Technologies - www.stcardio.com
* St. Renatus, LLC - www.st-renatus.com
* Sundance Diagnostics, Inc. - www.sundancedx.com
* Surefire Medical, Inc. - www.surefiremedical.com
* ValveXchange, Inc. - www.valvexchange.com
* Ventria Bioscience - received funding for three projects - www.ventria.com
* Vitrolife, Inc. - www.vitrolife.com

"Start-up companies in the bioscience industry face a constant struggle for funding due in part to the high cost of research and development, and the challenging fundraising environment, with the majority of companies working on less than six months of cash on hand," Baumunk said. "It's a difficult industry to survive in, and given the economic struggles over the last two years, funding bioscience research has become even more difficult. The QTDP program offered these companies a way to continue to develop products and work on life saving therapies that will undoubtedly impact the health and quality of life of patients worldwide. We expect that these awards will lead to the production new life saving therapies and medical technologies, which will impact patients and companies for years to come."

Link to the related HHS release, "Secretaries Geithner, Sebelius, NIH Director Collins Announce Recipients of Affordable Care Act Grants to Support Groundbreaking Biomedical Research," disseminated yesterday: http://www.hhs.gov/news/press/2010pres/11/20101103b.html

About the Colorado Bioscience Association
 
The CBSA is a not-for-profit corporation providing services and support for Colorado's growing biosciences industry. With more than 400 members, CBSA actively works to promote the growth of the industry by working for a better business environment, grow the state's biotech workforce, fight for policies that support a strong bioscience industry in the state and speak with a single voice on behalf of the industry. For more information, visit http://www.cobioscience.com
 
CBSA also is found on these social media sites:
 
Twitter: http://twitter.com/COBioscience
LinkedIn Group: http://www.linkedin.com/groups?about=&gid=98468&trk=anet_ug_grppro
Facebook Fan Page: http://www.facebook.com/ColoradoBioScienceAssociation
News Feed: http://coloradobio.blogspot.com
YouTube Channel: http://www.youtube.com/COBioscience
 
Contacts:
 
Leah Kientz, Director of Public Policy and Programs, Colorado BioScience Association - www.cobioscience.com - 303-592-4088, lkientz@cobioscience.com

Maggie Chamberlin Holben, APR, Absolutely PR - http://www.absolutelypr.com - 303-984-9801, maggie@absolutelypr.com