MADISON - Governor Jim Doyle today announced that Perscitus Biosciences, LLC, Madison, Dane County, has received a $250,000 loan from the Department of Commerce (Commerce).
"Wisconsin is America's leader in biotechnology," Governor Doyle said. "My Administration and I are committed to keeping all of our state's companies and workers at the cutting edge of this industry, to ensure Wisconsin remains home to the best research, the best innovation, and the best companies - giving our state a major advantage in the global economy."
"This award from the State of Wisconsin is a tremendous opportunity for our company, providing the resources to further develop our technologies and attract additional investment." commented James Thomas, M.D., Ph.D., CEO and Chairman of Perscitus Biosciences. "We have rapidly achieved our early proof of concept milestones and this investment will help position Perscitus for the next steps in the development of these promising technologies."
Perscitus Biosciences, LLC was founded in 2006 to develop and commercialize two technologies based on reactive oxygen biochemistry. The first technology is a compound that selectively protects normal cells from the toxic effects of chemotherapy and radiation therapy. The second is a method for determining the function of unknown proteins by identifying protein binding partners in intact cells using reactive oxygen. The company will use the loan to purchase equipment and hire researchers.
For more information on Commerce programs and services, contact the Commerce Area development manager at http://commerce.wi.gov/BD/BD-FAX-0901.html
MADISON - Governor Jim Doyle today announced that the Department of Commerce (Commerce) has qualified two small businesses for investor tax credits under the Angel Investor and Venture Fund Tax Credit programs.
"Spurring more venture capital investment is essential to the state’s economic growth," Governor Doyle said. "By encouraging investors to make crucial investments, we are turning great ideas into viable, job-creating businesses. Today, new technology firms are starting and expanding all across Wisconsin."
"This certification from the Department of Commerce is a tremendous opportunity for our company, providing the resources to attract additional investment, further develop our technologies, and hire additional research professionals." said James Thomas, M.D., Ph.D., CEO and Chairman of Perscitus Biosciences.
The qualified businesses are as follows:
Founded in 2006, this company is developing and commercializing a novel chemoprotectant molecule and a protein assay. The molecule has shown an ability to protect healthy human cells against the harmful effects of chemotherapy and radiation. The assay allows researchers to accelerate the identification of unknown binding proteins. To learn more, please visithttp://www.perscitusbio.com/
Founded in 2007, the company is developing and marketing a patent-pending monitoring technology that will reduce injuries during exercise regimen. The technology uses electromyography and software to analyze muscle activity.
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. The people that invest in the businesses are able to claim tax credits under the legislation the Governor signed in April 2004.
These programs are designed to increase the supply of both qualified angel investors and investors in qualified venture capital funds. The tax credits are available only for investments made in technology businesses qualified by Commerce. As Commerce qualifies businesses for investment, it will list them on the Commerce website atwww.commerce.wi.gov/act255.