19 companies from across Tennessee receive funds
p>NASHVILLE, Tenn.--(BUSINESS WIRE)--A total of 19 Tennessee life sciences companies were awarded nearly $7 million in credits or grants under the Qualifying Therapeutic Discovery Project (TDP) program created by the Affordable Care Act, the IRS announced today.
“provides a critical lifeline for innovative biotechnology companies.”
The IRS, in conjunction with the Department of Health and Human Services, approved TDP applications for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. Click here for a listing of all credit and grant awards. The Tennessee companies awarded are:
“This infusion of funding is extremely meaningful to each of the companies that was awarded, and we congratulate them on the work they’re doing as well as the work that went into applying for these funds in the first place,” said Kriste Goad, executive director of Life Science Tennessee. “This demonstrates that the life science industry in Tennessee is alive and growing, and these 19 companies represent a strong base across the state.”
Under the TDP program, a total amount of $1 billion was allocated nationwide for credits and grants with a $5 million limit per each eligible applicant. Since awards were made by project, applicants who submitted more than one project that received a grant or credit may be listed more than once.
In a statement issued today, Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood called on Congress and the Administration “to work together to extend and expand the Therapeutic Discovery Project to support continued American innovation and accelerate the development of life-saving cures.” Greenwood called today’s TDP announcement “an important first step toward the critical goals of speeding the development of advanced new therapies” and said the program “provides a critical lifeline for innovative biotechnology companies.”
Greenwood said access to capital is key to industry growth. In the past three years, frozen capital markets have resulted in a one-third reduction in the number of public U.S. biotechnology companies. A recent BIO survey of small biotechnology company CEOs indicates they believe the TDP will have a positive impact on advancing therapies and cures for patients, job sustainability and U.S. biotechnology competitiveness. Two-thirds of those surveyed expressed that the opportunity to apply for the TDP program made them more likely to keep their companies’ operations in the U.S.
Access to capital is one of the key topics at next week’s Annual Meeting of Life Science Tennessee. This year’s theme is The Business of Science: Growing the Life Science Industry in Tennessee. For more information or to register, visit www.lifesciencetn.org/annualmeeting.
About Life Science Tennessee
Life Science Tennessee is a statewide, member association representing companies, universities and research institutes, government groups and other business organizations. It is focused on growing the industry in Tennessee through education, networking, advocacy, alignment and partnership. Learn more at www.lifesciencetn.org.
