ANN ARBOR, Mich., June 15 /PRNewswire/ -- Two Ann Arbor companies received high-tech, five year MEGA tax credits today to help them expand in the region. NanoBio Corporation and Grand River were approved today for MEGA tax credits from the Michigan Economic Development Corporation and the State of Michigan.
"NanoBio and Grand River reflect the broad array of technical acumen in our region's continuously growing business base," said Michael A. Finney, CEO of Ann Arbor SPARK. "From pharmaceutical research to creative Web design, Ann Arbor offers the talent, infrastructure and other assets that can help growing businesses thrive."
NanoBio Corporation is a privately-held biopharmaceutical company focused on developing and commercializing novel products for the prevention and treatment of infectious diseases, based on its patented NanoStat™ technology platform. NanoBio was founded in 2000 as a spinout from the Michigan Nanotechnology Institute for Medical and Biological Sciences (MNIMBS) at the University of Michigan.
NanoBio Corporation is committing to invest more than $1.4 million to expand its current facility, and is projecting the creation of 32 jobs, mostly on its vaccine research staff. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit for NanoBio valued at $434,378 to encourage the company to expand in Michigan over a competing site near Washington, D.C.
Grand River is an e-commerce technology company focused on development of open-source e-commerce solutions for mid-market retailers. It designed, developed and maintains some of Internet Retailer's "Top 500" sites including Gander Mountain, HoMedics and the LaJolla Group.
Grand River is committing to invest over $1.1 million in capital as part of its expansion in Ann Arbor and is projecting the creation of 48 jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit for Grand River valued at $361,376 to encourage the company to expand in Michigan over an existing company site in Chicago, Ill.
ABOUT ANN ARBOR SPARK
About Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Michigan Works!/ETCS, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
SOURCE Ann Arbor SPARK