51 Georgia Companies Awarded $15M in Grants For Qualifying Therapeutic Discovery Projects
Posted: Wednesday, November 03, 2010
ATLANTA, GA (November 03, 2010) – Fifty-one Georgia companies qualifying for the Therapeutic Discovery Project Program received $10.5 million in grants for 2009 research programs and another $4.85 million to support research in 2010. Another Georgia company chose to receive a $244,000 tax credit instead of a grant. Here is a full list of awards and projects.
The Therapeutic Discovery Project Program was created by the Patient Protection and Affordable Care Act and signed into law by President Obama in March. Under the program, a total amount of $1 billion was allocated for credits and grants with a $5 million limit per each eligible applicant. The government approved 4,000 projects nationwide with a maximum funding of about $244,000 per project. The tax credits and grants support biotechnology firms that have shown significant potential to produce breakthrough medical therapies, support good jobs and increase U.S. competitiveness.
Georgia Bio President Charles Craig said, “We congratulate the companies that received these grants and credits. The projects these grants will support underscore the broad scope of medical innovation in Georgia.”
Georgia Bio in association with the Biotechnology Industry Organization played a major role in urging Congress to enact this federal funding program to assist companies during these troubled economic times and help advance their development of new life saving medicines and devices.
Georgia Bio represents more than 250 pharmaceutical, biotech and medical device companies, universities, research institutes, government groups and other business organizations involved in the development of products that improve the health and quality of life people worldwide. For more information, visit www.gabio.org.