18 Jul State awards QRG Biosciences development grant
Madison, Wis. – Gov. Jim Doyle announced on Friday the Department of Commerce Technology Venture Fund would give $155,000 to QRG Biosciences, a Madison-based pharmaceutical company that also has operations in Richfield, Wis.
QRG, a developer of treatments for aging-related diseases such as Alzheimer’s and Parkinson’s, will use the funds as part of its effort to purchase new equipment to further commercialize its research. The project is expected to cost $848,135.
The TVF grants low-interest loans to high-tech companies in Wisconsin which are searching for capital and have fewer than 100 full-time employees, funding up to $250,000 of a project. The Department of Commerce shares in the risks and benefits of the project and the loan may be forgiven if the project fails.