Illinois life sciences receives $14.5 million in grants under QTDP program

At least 59 Illinois life sciences companies were awarded over $14.5 million in grants or tax credits under the Qualifying Therapeutic Discovery Project (QTDP) program.

"The impact of this funding on the companies that were recognized is significant, and we congratulate them on the great work they're doing"

"The impact of this funding on the companies that were recognized is significant, and we congratulate them on the great work they're doing," said David Miller, president and CEO of the Illinois Biotechnology Industry Organization.

"These awards to the Illinois life sciences industry combined with the announcements last week that Illinois leads the Midwest in VC funding for 2010 and that the BIO International Convention is returning to Chicago in 2013 and 2016, together evidence the strength and growth of our vibrant life sciences community in Illinois."

Through the QTDP program, the IRS, in conjunction with the Department of Health and Human Services, approved applications for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. The IRS determined the credit or grant amount for each approved project.

Under the program, a total amount of $1 billion was allocated for credits and grants with a $5 million limit per each eligible applicant. Since awards were made by project, companies were eligible to receive funding for multiple projects, each worth up to $244,479.24, designed to offset 50 percent of qualifying research and development costs.

Of the 59 companies awarded in Illinois, 12 of the companies are active participants in PROPEL, iBIO Institute's programs for early stage life sciences companies and entrepreneurs. Over $2 million in grants were awarded to PROPEL companies.

"This grant is game-changing for Kim Laboratories," said Myung Kim, founder and CEO of Kim Laboratories Inc., a PROPEL company based in Rantoul, Ill. "These funds come at a critical time and validate our Norovirus research and projects."