07 Apr Cell Line Genetics gets technology venture fund loan
A Madison stem cell research company has received a $250,000 Technology Venture Fund loan, Wisconsin Governor Jim Doyle announced today. The firm will use the funds to develop two new technologies for stem cell research.
“We are very excited and thankful to receive this award from Governor Doyle as it allows us to accelerate our product development effort and improve the research process for our customers,” Cell Line Genetics co-founder and chief science officer Lorraine Meisner said in a news release.
The state Department of Commerce has also certified the company as a Qualified New Business Venture, making it eligible for investor tax credits under the Angel Investor and Venture Fund Tax Credit programs.
“Wisconsin is a world leader in stem cell research and development. During this national economic downturn, it’s important we keep moving forward and continue creating the processes and products that will create the jobs of the future for hardworking Wisconsin families,” stated Doyle.
Launched in 2005, Cell Line Genetics provides cell line characterization services to stem cell researchers, biotechnology and pharmaceutical companies engaged in embryonic stem cell and cancer research. The private company plans to use the funds in a $2.1 million project to develop stem cell related quality assurance products, and to expand the company’s technology capabilities.