HHS Awards New Biomedical Grants

The Department of Health & Human Services has awarded $1 billion in tax credits and federal grants to nearly 3,000 biotechnology companies to spur the development of new advanced therapies and to create jobs. The Therapeutic Discovery Project Program awards were created by the health care reform bill passed this year. “The grants and tax credits we’re announcing today will support small biotech firms across the country,” HHS Secretary Kathleen Sebelius remarked at a press conference. “With this funding, they’ll be able to hire more staff, improve facilities, and move forward with research projects that might otherwise have been put on hold.” A total of 2,923 companies specializing in biotechnology and medical research in 47 states and the District of Columbia received awards under the program. “With capital markets frozen during these uncertain economic times, this program provides a critical lifeline for innovative biotechnology companies,” said James C. Greenwood, president of the Biotechnology Industry Organization, an industry trade group, in a statement.