DINNIMAN ANNOUNCES TAX CREDITS FOR LOCAL LIFE SCIENCE FIRMS
December 17, 2010
WEST CHESTER (December 15) – State Senator Andy Dinniman said seven cutting-edge Chester County life science firms have been awarded a total of nearly $600,000 in tax credits from the state program that assists companies with great growth and job-creation potential.
Pennsylvania’s Department of Community and Economic Development on Wednesday announced Keystone Innovation Zone tax credits for the following firms:
- Alliance Pharma, Inc., will receive $100,000 in KIZ tax credits. Alliance Pharma, of Malvern, was founded in 2007 and provides life-science research for its clients.
- Frontage Laboratories, Inc., will receive $100,000 in KIZ tax credits. Frontage Laboratories, of Exton, was founded in 2001 and provides pharmaceutical research and development services.
- Molecular Targeting Technologies, Inc., will receive $100,000 in KIZ tax credits. Molecular Targeting Technologies, of West Goshen, began in 2001. It is a biotechnology company specializing in the molecular imaging of diseases.
- Neuronetics will receive $100,000 in KIZ tax credits. Neuronetics, of Malvern, incorporated in 2003. It is a medical device company that develops non-invasive therapies for psychiatric and neurological disorders.
- Progenra will receive $69,473 in KIZ tax credits. Progenra, of Malvern, was founded in 2002. It develops new medicines for diseases including cancer and osteoporosis.
- Shifa Biomedical will receive $100,000 in KIZ tax credits. Shifa Biomedical, of Malvern, started in 2005. It is a biopharmaceutical company that develops drugs for prostate cancer and cardiovascular disease.
- Y-Prime will receive $24,247 in KIZ tax credits. Y-Prime, of Malvern, started in 2006. It is a pharmaceutical consulting business.
“These young, start-up companies already offer highly skilled, good-paying jobs and are a vital part of Chester County’s economy,” said Dinniman. “Just as importantly, some of today’s up-and-comers will become tomorrow’s industry leaders and provide county residents with vital economic opportunities in this increasingly competitive job market.”
“The Keystone Innovation Zone program helps ensure that promising, young companies with tremendous growth potential set their roots right here in Pennsylvania rather than someplace else.It’s good to see Chester County taking full advantage of this important economic development tool,” Dinniman said.
For more details, contact Martin Indars in Senator Dinniman’s office at 1-610-692-2112 or at mindars@pasenate.com.