MPP Group LLC, a startup pharmaceutical development company based in the Milwaukee County Research Park in Wauwatosa, will receive a $250,000 loan and $380,000 in grants for assistance over three years from the Wisconsin Department of Commerce.
The state also has certified the company as a Qualified New Business Venture eligible for investor tax credits under the state's Angel Investor and Venture Fund Tax Credit programs.
"Wisconsin is a world leader in biotechnology, and we are developing a critical mass of companies that are creating the processes and products of the future," Wisconsin Gov. Jim Doyle said. "I am pleased that we can help MPP Group with early-stage costs."
MPP Group specializes in active pharmaceutical agents that treat a variety of medical conditions. Established in June 2007, the company's initial activities will include hiring experienced researchers; obtaining legal patent protection; and synthesizing compounds and confirming molecular activity in test models.
The company will use the state funds for product development and startup costs. Total project costs will approach $20 million, according to the company..
For more information on the Department of Commerce programs and services, contact the Commerce area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html.
State venture funds to assist Milwaukee biomed startup
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