MN Medical Firms Net $23.2M in Federal Grants
The IRS and the Department of Health recently announced how they will allocate $1 billion in grants under the Qualifying Therapeutic Discovery Project program-and Minnesota firms will receive approximately $23.2 million.
The grant program-which awards projects that have demonstrated “significant potential to produce new and cost-saving therapies, support jobs, and increase U.S. competitiveness”-accepted applications earlier this year. Grants were awarded for investments made in 2009 and 2010, and each applicant could receive a maximum of $5 million.
More than 80 Minnesota firms were named recipients, and some received multiple grants for different projects.
Minnetonka-based Vital Images, Inc., received the most awards-totaling about $1 million for nine different projects in 2010 and more than $625,000 for 2009 expenditures. Eden Prairie-based SurModics, Inc., will also receive grants in excess of $1 million.
Blaine-based Pursuit Vascular, Inc., was awarded roughly $244,000 for its 2009 and 2010 investments-which will return about half of the company's research expenditures.
“The Therapeutic Discover grant will have an immediate and substantial positive impact upon Pursuit Vascular's ability to move the company forward,” President and CEO Robert Ziebol said in a statement.
Other grant-winners include St. Paul-based Cardiovascular Systems, Inc., and Minnetonka-based Anulex Technologies, LLC.
In addition to the $23.3 million in grants, three Minnesota firms were also awarded tax credits: St. Paul-based Biomedix Vascular Solutions, Inc.; Minneapolis-based Galvani, Ltd.; and Rochester-based Martell Biosystems, Inc.