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A large number of Massachusetts biotechnology companies have been awarded federal tax credits as part of the Therapeutic Discovery Tax Credit program that was established within the federal health reform law approved in March.
“The Therapeutic Discovery Tax Credit ensures Massachusetts’ most cutting-edge companies will be able to maintain their commitment to investment in life-saving research,” said Robert K. Coughlin, president & CEO of MassBio, in an email. “The program helps biotech companies continue to discover new cures and therapies to solve unmet medical needs, while adding good jobs across the Commonwealth. We are thrilled to see this investment being made and congratulate all of the recipients.”
Each grant, which is designed to offset up to 50 percent of qualifying research and development costs, is worth $244,479.24 to the company, and companies are eligible for more than one award. Companies must have a headcount under 250, and companies meeting significant unmet medical needs will have priority. Medical device companies, as well as biotechs, are eligible. The total amount of grant money available nationwide is $1 billion.
The biggest winner appears to be Alnylam Pharmaceuticals Inc., which won $1.96 million through eight grants. Newton-based Celldex Therapeutics Inc. was awarded seven grants worth $1.71 million in all. Waltham-based ImmunoGen Inc. won five grants worth a total of $1.22 million, along with Acceleron Pharma Inc. of Cambridge being awarded five grants. Cambridge-based Momenta Pharmaceuticals Inc., Worcester-based RXi Pharmaceuticals Corp., Woburn-based ArQule Inc. and Marlborough-based Advanced Cell Technology Inc. each won four grants worth a total of $977,917.
A number of biotechs, including Cambridge-based companies Quanterix Corp., BIND Biosciences Inc., Helicos BioSciences Corp., T2 Biosystems Inc., Tolerx Inc. and Ensemble Therapeutics, along with Watertown-based companies Tetraphase Pharmaceuticals Inc. and Selecta Biosciences Inc., all won three grants totaling $733,437.72 for each company. Lexington-based biotech Concert Pharmaceuticals Inc., Cambridge-based Curis Inc., Waltham-based Avila Therapeutics Inc., and Newton-based Pro-Pharmaceuticals, each won two grants totaling $488,958.
Companies winning one grant each include Cambridge biotechs Zalicus Inc., Taligen Therapeutics Inc., Edimer Pharmaceuticals, Constellation Pharmaceuticals Inc., Ligon Discovery Inc. and Semprus Biosciences Corp.; Wellesley-based NormOxys Inc., Lexington-based Pulmatrix Inc., Worcester-based SelectX Pharmaceuticals Inc., Waltham-based X-BODY BioSciences and South Easton-based Pressure Biosciences Inc. won one grant each.
The grants come at a time when many smaller biotech companies are struggling to find the cash to fund research. It will be a needed shot in the arm for companies like Pressure Biosciences, for instance, which had only $1.7 million in cash on hand as of June 30. Pro-Pharmaceuticals had cash on hand of $2.9 million, as of June 30.
“We are pleased to receive these non-taxable grants from the federal government,” said Theodore Zucconi, CEO of Pro-Pharmaceuticals, in a statement. “It was a very competitive approval process and highly oversubscribed. We believe the grants for DAVANAT, our anti-cancer compound, and for GR-Series, our anti-fibrosis compounds, validate our drug development programs.”
The national Biotechnology Industry Organization is pushing for the program to be extended to a second year, saying it would fuel job growth in the sector.
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