PITTSBURGH, Nov. 4, 2010 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), the organization providing capital investments and customized company formation and business growth programs to the region's life sciences enterprises, issued this statement through its President and Chief Executive Officer, John W. Manzetti congratulating 25 of its portfolio companies that have been awarded $6.3M in Qualifying Therapeutic Discovery Project (QTDP) grants and tax credits from the U.S. government.
Pennsylvania ranked fifth nationwide with 158 companies receiving a total of $48,105,100.69 through QTDP. 25 of the regional recipients were PLSG portfolio companies. A complete lists of Pennsylvania grant and tax credit recipients are available on the IRS web site .
"We are thrilled that so many of our portfolio companies will benefit from the QTDP," says John W. Manzetti, PLSG President & CEO. Mr. Manzetti continued, "These financial awards will help our companies produce innovative and cost saving therapies, support regional job creation, and increase U.S. competitiveness through the commercialization of life saving healthcare solutions."
The Patient Protection and Affordable Care Act (PPACA) has created a significant economic opportunity for eligible biotechnology companies – in the form of a tax credit or cash grant – if they invest in "qualifying therapeutic discovery projects." The QTDP program provides a 50 percent tax credit for qualified biotechnology investments for tax years 2009 and 2010, or a tax free cash grant equal to the same amount.
About the Pittsburgh Life Sciences Greenhouse (PLSG)
The Pittsburgh Life Sciences Greenhouse (PLSG) provides capital investments and customized company formation and business growth services to western Pennsylvania's life sciences enterprises; connects investors with their Investment Portfolio companies; expands established life sciences ventures; and relocates biomedical companies to Pennsylvania. The PLSG supports biosciences companies with promising innovations in: Biotechnology Tools, Diagnostics, Healthcare IT, Medical Devices and Therapeutics. Since 2002, PLSG has worked with 320 companies and has made direct investments of $16.3 M in 60 companies which has leveraged over $500M in additional capital to the region. In addition, PLSG has invested $15.2M as a limited partner in two Pennsylvania venture capital firms which in turn invest in technology companies in the Commonwealth. To see the full portfolio and more information about PLSG visit www.plsg.com.
SOURCE Pittsburgh Life Sciences Greenhouse