03 Feb Transplanted company gets $135,000 from state
A biotech company moving to Madison from Chicago is being welcomed with open arms and open checkbook by the state.
Governor Jim Doyle announced earlier this week that Clonex Development, Inc., will receive $135,000 from the Department of Commerce Technology Venture Fund (TVF) and Technology Assistance Grant (TAG) programs to help the company purchase new equipment and hire professional technical assistance.
“We are extremely enthusiastic to join the dynamic biotechnology environment here in Madison,” said Thomas Primiano, president and CEO of Clonex. “We also thank the governor and the Department of Commerce for their efforts in affording Clonex Development, Inc. the opportunity to expand its research and development operations in Wisconsin.”
Clonex is a seed-stage biotech corporation involved in genetic engineering of cells to optimize production of therapeutic protein. The corporation has relocated to Madison from the Chicago Technology Park. The relocation will create five jobs with a total project cost of $340,000.
The TAG program provides grants of up to $15,000 to early-stage Wisconsin high-tech companies to offset costs of hiring qualified independent parties to perform professional services. The TVF program provides low-interest loans to Wisconsin high-tech companies with less than 100 employees that are seeking angel or other seed capital investment, to facilitate the capital search.