WASHINGTON, DC-U.S. Senator Bob Casey (D-PA) announced that small businesses in Pennsylvania involved in groundbreaking biomedical research will receive over $49.3 million in federal grants and tax credits to grow their businesses and create new jobs in the state.
“Pennsylvania has a vibrant biomedical research community and helping Pennsylvania small businesses become engines of innovation in biomedical research is essential to preserving and growing jobs in our state,” said Senator Casey. “I am glad to see so many Pennsylvania companies leading the way in finding important new medical discoveries with immediate benefits for patients – and I believe that our investment in their growth will pay dividends in economic and health terms.”
Federal funding is awarded in grants and tax credits through the Therapeutic Discovery Project Program created by the Affordable Care Act, the new health care law. The program is specifically targeted to projects that show significant potential to produce new therapies, address unmet medical needs, reduce the long-term growth of health care costs or advance the goal of curing cancer within the next 30 years.
Funding for Pennsylvania is part of $1 billion in grants and tax credits going to nearly 3,000 small biotechnology companies in 47 states and the District of Columbia announced this week by Treasury Secretary Timothy Geithner, Health and Human Services (HHS) Secretary Kathleen Sebelius and National Institute of Health (NIH) Director Dr. Francis Collins.
Pennsylvania businesses will receive $48,105,100.69 in grants and $1,222,396.22 in tax credits from the program to support projects working towards therapies and cures for a variety of illnesses, including cancer, influenza and heart disease. To view the full list of recipients, click here.
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