NEW FUNDS

Not much to report on in terms of new bioscience fund closings however, something to keep an eye on is the planned reported estimated $250M HealthCare Ventures Fund IX whose Form D was filed last week.

GOT CASH?

If you have not been paying attention lately, perhaps this will jar something loose $1BILLION IN CASH GRANTS AVAILABLE FOR EMERGING LIFE SCIENCE COMPANIES. That get your attention? Good. The recently enacted healthcare reform legislation provides up to $1 billion in tax credits and cash grants for life sciences companies with 250 or fewer employees that have made or will make “qualified investments” in “qualifying therapeutic discovery projects” during 2009 and 2010. Credits and grants will be awarded through a competitive application process which is expected to commence on or before May 21, 2010.

A “qualifying therapeutic discovery project” is a project which is designed to develop a product, process or therapy to diagnose, treat or prevent diseases and afflictions by:

1. Conducting pre-clinical activities, clinical trials, clinical studies and research protocols, or
2. Developing technology or products designed to diagnose diseases and conditions, including molecular and companion drugs and diagnostics, or to further the delivery or administration of therapeutics.

A “qualified investment” is the aggregate amount of the costs paid or incurred in 2009 or 2010 for expenses necessary for and directly related to the conduct of a qualifying therapeutic discovery project, subject to certain limitations and exclusions. The tax credits are equal to 50 percent of the qualified investment, and taxpayers may elect to receive the credits in the form of a cash grant. Any such grant is not includable in the taxpayer’s gross income. The availability of a cash grant significantly increases the appeal of the program to companies in a loss position who may not otherwise be able to immediately utilize the credits. Furthermore, unlike the grants available under the Small Business Innovation Research (SBIR) program, corporations that are majority owned by venture capital funds should be eligible for cash grants based on their qualified investments.

Companies must apply to the Secretary of the Treasury in order to obtain certification for qualified investments.

Guidance on the application process is expected to be published by the Secretary on or prior to May 21, 2010. Applications should be prepared in advance of the guidance since the aggregate amount of credits and grants available under the program is limited to $1 billion, and it is expected that the Secretary may approve eligible applications on a first-come, first-served basis. Once applications are accepted, they will be approved or denied within 30 days of submission.

For questions or assistance with the application process contact:

Michael Weiner, Partner, Dorsey & Whitney, weiner.michael@dorsey.com or
Evan Ng, Partner, Dorsey & Whitney, ng.evan@dorsey.com

2010 GOLDLAB SYMPOSIUM

Now that BIO is in the rearview mirror, here is another event you are not going to want to miss. Admission is ***FREE*** but seats are limited! Please RSVP ASAP at http://GoldLabSymposium.com (Who really needs an excuse to visit beautiful Boulder, Colorado and the Rocky Mountains?)

The 2010 GoldLab Symposium Presents Time: The Crucial Fourth Dimension of Personalized Medicine

During the US healthcare deliberations, the words invention, technology, diagnostics, and wellness were mentioned rarely, if ever. No one said ?revolution in healthcare? and yet a healthcare revolution is underway. Never before could a physician peer into the body, blood, or DNA of a patient and ?see? the risk of disease for that person or see a disease at such an early stage that intervention might be crucial. That vision defines Personalized Medicine, which includes actionable measurements of genotype and phenotype – DNA and proteins.

For the Inaugural Symposium we have invited medical and scientific thought leaders and stakeholders to debate and inform each other and the audience. The goal is to facilitate the most timely transformation of medicine. Our motivation is simple, said Dr. Larry Gold, Professor, MCDB, University of Colorado and CEO of SomaLogic, Scientists are responsible for innovations; scientists also must participate in discussions that enable the timely use of those innovations. An informed citizenry is at the heart of an improved healthcare system.

Speakers will include, but are not limited to:

Larry Gold, Ph.D., Professor, University of Colorado and CEO, SomaLogic
Fintan Steele, Ph.D., Director of Communications, Broad Institute
Tom Cech, Ph.D., Professor, University of Colorado, former President, HHMI
Larry Lasky, Ph.D., Partner, US Venture Partners, former Genentech Fellow
Keith Gottesdiener, M.D., VP and Co-head of Late Stage Clinical Development, Merck Research Labs
William Rom, M.D., MPH, Sol and Judith Professor of Medicine, Director of Pulmonary and Critical Care Medicine, New York University School of Medicine
Steve Williams, M.D., Ph.D., CMO, SomaLogic
George Poste, D.V.M., Ph.D., Chief Scientist, Complex Adaptive Systems Initiative Regents? Professor and Del E. Webb Chair in Health Innovation Arizona State University
Jay Wohlgemuth, M.D., Vice President of Science & Innovation, Quest Diagnostics
Donald Jones, Vice President, Business Development, QUALCOMM
David Snow, CEO, Medco
Scott Danielson, Chief Experience Architect, Idea Couture Pat Furlong, Founding President and CEO, Parent Project Muscular Dystrophy (PPMD)
Richard D. Lamm, Professor, Director of the Center for Public Policy & Contemporary Issues, University of Denver, former Governor of Colorado
Daniel Kracov, Partner, Arnold and Porter
David Rosenman, M.D., Mayo Clinic
Richard A. Spritz, M.D., Professor of Pediatrics and Biochemistry and Molecular Genetics, University of Colorado, Denver

Details and to RSVP visit:

http://GoldLabSymposium.com

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http://LinkedIn.GoldLabSymposium.com
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