Bioscience Vaccines receives tax credit to develop medical technology
November 22, 2010
WEST LAFAYETTE, Ind. - Officials at Bioscience Vaccines Inc., based in the Purdue Research Park, announced Monday (Nov. 22) that the firm has received an award to progress the firm's technology, which enhances the prevention of infectious disease, biological warfare attacks and several types of cancer.
Bioscience Vaccines' Extracellular Matrix (ECM) technology is an additive that helps vaccines work more effectively at a reduced cost. The technology, which routinely is used in various medical-device applications, is a naturally occurring biomaterial.
"We are pleased to receive this confirmation of our technology and the direction Bioscience Vaccines is headed," said Anthony J. Hubbard, the company's executive vice president and chief financial officer. "The U.S. Department of Health and Human Services has recognized that our ECM adjuvant and cancer vaccines are promising technologies for the future of health care in this country. The non-taxable funds awarded will provide additional support without diluting the value of either our assets or equity."
The Qualifying Therapeutic Discovery Project tax credit program, which awarded Bioscience Vaccines almost $250,000, was enacted as part of the Patient Protection and Affordable Care Act of 2010. It was established under Section 48D of the Internal Revenue Code.
The grant was awarded following Bioscience Vaccines' submission for consideration of its vaccine-enhancing research and development project to the U.S. Department of Health and Human Services. Among the determining factors used in allocating funds were showing the potential to produce new therapies to prevent or treat chronic or acute diseases, to reduce the long-term growth of health-care costs in the United States, and to advance the goal of curing cancer within 30 years.
About Bioscience Vaccines Inc.
Bioscience Vaccines Inc. (http://www.biosciencevaccines.com) is an emerging stage, life sciences company with proprietary vaccine development technology based in the Purdue Research Park in West Lafayette, Ind. BVI's products originated in the laboratory of Dr. Mark Suckow of the University of Notre Dame but are based on a technology discovered at Purdue University. Our product has the potential to be formulated as a companion product with vaccine products already approved and marketed for use by the FDA for the prevention of specific human diseases and by the USDA for the prevention of animal diseases.
About Purdue Research Park
The Purdue Research Park (http://www.purdueresearchpark.com), with four locations across Indiana, has the largest university-affiliated business incubation complex in the country. The parks are home to about 200 companies that employ 4,000 people and are located in West Lafayette, Merrillville, Indianapolis and New Albany.
Purdue Research Park contact: Steve Martin, 765-588-3342, sgmartin@prf.org
Source: Anthony Hubbard, 765-464-5890, thubbard@biosciencevaccines.com
