19 May Quintessence Biosciences benefits from expansion of investment tax credits
MADISON, WI – As part of the proceedings of the 2009 Annual International Convention of BIO, the international biotechnology organization, BioForward, Wisconsin’s biotechnology and medical device association, announced today that, Quintessence Biosciences, Inc., is one of the first biotechnology companies in Wisconsin to benefit from the expansion of the investor tax credit program this February. Wisconsin has had tax credits available to investors in early-stage technology companies since the 2004 passage of Act 255. The BioForward government affairs committee actively worked to support improvements to the original legislation and participated as part of the Wisconsin Growth Capital Coalition. Governor Doyle signed into law major enhancements, including greater than three-fold increases in investor tax credits, expansion of the aggregate cap on credits to a single investor and for each Qualified New Business Venture, and an eligibility requirement extension that allows more companies to benefit from investors using credits.
Quintessence Biosciences is developing cancer therapeutics based on the EVade Ribonuclease technology, which was licensed from the Wisconsin Alumni Research Foundation. The technology provides an opportunity to attack RNA, an exciting new drug target, in cancer cells with analogs of the human protein, pancreatic ribonuclease 1. QBI-139 is currently in a solid tumors Phase I human clinical trial being conducted at the University of Wisconsin Madison Comprehensive Cancer Center.
“We are pleased that the results of our financing efforts are beyond expectations,” said Ralph Kauten, CEO of Quintessence Biosciences, Inc. “Wisconsin’s expanded investment tax credits are playing a major role allowing us to continue our work to bring a new and exciting cancer treatment to patients.”
“The quality research effort put forth by Quintessence in reaching their clinical and financial milestones was necessary for this type of investment,” said Peter M. Pellerito, senior policy consultant of the Biotechnology Industry Organization in Washington, D.C. “Wisconsin leadership continues to affirm their economic growth commitment to emerging technologies, including biotechnology, in creating high paying, quality jobs with these types of supportive public policies.”
About the Wisconsin Investor Tax Credits
Information about Wisconsin Act 2, which provides for the investor tax credit improvements, can be found here: http://www.legis.state.wi.us/lfb/2007-09budget/2009_02_23Act2.pdf
Information about participating in the tax credit program can be found at the Wisconsin Department of Commerce website. http://www.commerce.wi.gov/act255/BD-Act255.html
Information about the impact of the original investor tax credit program can be found at: http://www.wisgov.state.wi.us/journal_media_detail.asp?prid=3078&locid=19