Spaulding Clinical Growth Plan Results in $850,000 in Tax Credits

Spaulding Clinical Growth Plan Results in $850,000 in Tax Credits Through Wisconsin Economic Development Corporation

WEST BEND, Wis., Mar 28, 2012 (GlobeNewswire via COMTEX) -- Governor Scott Walker visited Spaulding Clinical Research, LLC today to announce the company is eligible for up to $850,000 in tax credits through the Wisconsin Economic Development Corporation (WEDC) to facilitate the creation of 183 new full-time positions. "This investment by Spaulding reinforces Wisconsin as one of the leading states in the country in medical innovation," said Governor Walker. "I am pleased to announce this support for Spaulding for the creation of quality jobs for Wisconsin workers."

In Governor Walker's announcement, which was made to a room full of state and local legislators, Spaulding Clinical investors and employees, as well as local media, he described Spaulding Clinical as "a beacon of medical technology." He went on to highlight the significant investment Spaulding Clinical is making, which he recognized would have not only a local, but global impact.

Spaulding Clinical Research, LLC was established in 2007 by Founder and CEO, Randy Spaulding, to create a next generation clinical research organization, providing pharmaceutical sponsors higher quality data without sacrificing cost or timelines. Last year, he extended his vision with the launch of the Spaulding iQTM Electrocardiograph, a hand-held, mobile device designed for large global pharmaceutical clinical studies where cardiac safety assessments are required. This disruptive technology weighs only 3 ounces, records up to 5 minutes of ECG data compared to just 10 seconds from competitive products, and uses voice biometrics to identify the patient. "We are blessed to have a creative, dedicated and expert workforce at Spaulding Clinical and look forward to executing our growth plans which will provide more opportunities for quality jobs in Wisconsin," states Randy Spaulding.

The employees who will be hired as a result of the tax credits will vary from skilled professionals in the medical industry to sales staff. Since January of this year, Spaulding has added 5 full-time hires and 10 part-time clinical staff. Spaulding Clinical projects that within three years they will surpass the 183 positions.

Spaulding Clinical received assistance from Economic Development Washington County (EDWC) in applying for WEDC tax credits. "We are a great example of the important role economic development plays to support small business growth and job creation. Our ability to move forward with our plans and deliver in a narrow market window is critical for us," states Randy Spaulding. "The support from EDWC in coordination with WEDC allowed me to keep my focus on the business, which is so important to achieving our goals."

Christian Tscheschlok, Executive Director of EDWC, says that support of Spaulding Clinical's project has been a priority because it represents such a strong fit with EDWC's focused strategy to fuel quality jobs and wealth. "Medical-technology is not just a buzz word for Washington County; rather, it represents an emerging industry with globally recognized companies growing right here," Tscheschlok notes, "which is why EDWC not only collaborated with Spaulding and the State to secure State tax credits, but is also partnering with the city of West Bend to develop new financial tools to further accelerate Spaulding's growth and success."

Spaulding Clinical was ranked #3 in its space for Wisconsin's Top 100 Places to Work in 2011. Additionally, Spaulding Clinical was ranked #1 in the space of "Direction" among all companies in the state of Wisconsin. Employees are fueled by the vision of the company and the core values which drive its performance. The key management team comes with over 200 years of collective experience in clinical research and healthcare.

About Economic Development Washington County (EDWC)

Economic Development Washington County (EDWC) is an independent economic development organization fueling growth businesses and industries for the creation of quality jobs and wealth in Washington County. EDWC accomplishes this through a focus on existing business development consulting; engaging in driver-industry business attraction; supporting qualified start-up enterprises and serving as a central voice on economic development issues.

About Spaulding Clinical Research, LLC

Spaulding Clinical Research, LLC ( ) provides Clinical Pharmacology, Cardiac Core Lab clinical research services, and is a medical device manufacturer. Spaulding Clinical operates a 155-bed clinical pharmacology unit with 96-beds of telemetry in West Bend, Wisconsin, USA. The facility is paperless, with a Phase I Electronic Data Capture system and bi-directional interfaces to safety lab, bedside devices and telemetry. As a Phase I-IV Core ECG Laboratory provider, Spaulding Clinical offers the complete suite of equipment provisioning and electrocardiograph over-reading services with state-of-the-art technologies, including the proprietary Spaulding iQ Electrocardiograph, and expertly-cardiologists and project managers.

Spaulding Clinical Media Contact

Kathy Forde

Sr. Director of Marketing

Tel: (414) 303-1912

Email: [email protected]

EDWC Media Contact

Christian Tscheschlok

Executive Director, EDWC

Tel: (262) 335-5769

Email: [email protected]

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SOURCE: Spaulding Clinical Research, LLC