All times in EDT.
The health care reform law includes a new Therapeutic Discovery Project Credit and Grant program, to encourage development of new therapies by small biotech companies with 250 or fewer employees.
This new provision creates a unique opportunity for companies without tax liability to pursue a grant which offsets certain developmental costs. So, companies which don't yet have taxable income could receive funds immediately.
This program is limited to $1 Billion in total Federal funds, so applications will have to be competitive. The deadline for submitting applications is July 21, 2010. It is imperative that small qualifying biotech companies have a clear understanding of the program's rules and the application process.
The date of the seminar is timely, as there is a very short 30 day window for submitting applications, with the application period beginning June 21 and ending July 21. The application is set to be published by the Treasury Department by Monday, June 21, 2010.
Presentations, panels and discussions include the Therapeutic Discovery Project Credit and will scrutinize the application.
More topics will include State & Local Tax & Investment Programs of the Metropolitan Washington, DC Area highlighting Invest Maryland, a new major initiative aimed at spurring investment and creating jobs in Maryland's growing innovative industries; and, economic development initiatives for innovation in Virginia. The seminar will feature MedImmune Ventures.
Seminar co-sponsors are Federal Allies Institute, MedImmune Ventures, Baker & Daniels LLP, Biotechnology Industry Organization, BIO; Tech Council of Maryland, TCM/MdBio; The Maryland Biotechnology Center; The Virginia Biotechnology Association, Maryland Department of Economic Development; and Montgomery County Department of Economic Development.