25 Jul NovaScan qualifies for investor tax credits
Madison, Wis. — The Wisconsin Department of Commerce (Commerce) has qualified NovaScan, LLC, Milwaukee, for investor tax credits under the new Angel Investor and Venture Fund Tax Credit Programs.
“These tax credits are an additional incentive for investors and will help us attract qualified angels to fund the next phase of development and clinical testing of our technology,” said Larry Wells, CEO of NovaScan. “This program should increase the level of investing in high-tech start-up companies in the state.”
NovaScan has developed a technology that measures the electrical properties of materials. The technology is being developed to identify different tissue types within the body and to distinguish malignant from benign lesions and tumors. The company has been targeting breast cancer as the initial application and there are other cancer detection applications being considered.
The Angel Investor and Venture Fund Tax Credit Programs offer Wisconsin income tax credits to angel investors and investors in seed-stage venture capital funds.