Text Version      
Montgomery County Seal Montgomery County Seal
Home | Translate   Montgomery County Seal
Citizens ButtonGovernment ButtonBusinesses ButtonCulture & Leisure Button
For Immediate Release: 3/19/2012

Leggett Hails Success of County’s Local Biotech Investment Tax Credit Program; Program Spurs Nearly $6 Million in Investments Among Ten Local Biotech Companies

Sequella, Inc.
9610 Medical Center Drive, Suite 200
Rockville, Maryland 20850

Montgomery County Executive Isiah Leggett today joined other local and state elected officials, local biotech company executives, and representatives from the Montgomery County Department of Economic Development to celebrate the success of the County’s local biotech investment tax credit program. Ten local biotech companies received nearly $6 million from local investors.

“It’s very fulfilling to see the benefits to both our local biotech companies and the savvy investors who took advantage of Montgomery County’s biotech investment tax credit program – the first such program at the local level in the country,” said Leggett. “Less than two years after the County Council approved the legislation and just a year after funding the program at $500,000 for FY 12 and FY13, we have a diverse group of biotech companies that are already putting these new investments to work to fight disease and improve the health of our nation. The fact that these companies can also leverage these investments to spur additional investments makes this a true model of success.”

Modeled after and working in collaboration with Maryland’s Biotech Investment Tax Credit Program, the County’s program allows investors receiving state tax credits to also receive a supplemental payment from the County based on their investments in local biotech companies.

“The biotech investment tax credit program at both the state and county levels gives local biotech companies like Sequella a huge leg up on other biotechs around the nation,” said Sequella Chief Financial Officer Marty Zug. “Other jurisdictions just don’t have this great incentive, and it has clearly made a difference for us. One of my current investors was so thrilled to receive his County rebate so quickly, he’s already made another investment in our company.”

Also attending the event were Maryland State Senator Jennie Forehand and Maryland Delegate Brian Feldman, who were instrumental in creating the legislation for the biotech investment program at the state level. The 10 companies receiving investments are:

♦ 20/20 GeneSystems, Rockville

♦ Alper Biotech, Rockville

♦ Beta Cat Pharmaceuticals, Gaithersburg

♦ Clarassance, Rockville

♦ Creative MicroTech , Potomac

♦ Neoginix Oncology, Rockville

♦ Otraces, Rockville

♦ Rafagen, Rockville

♦ Sequella, Rockville and

♦ SynAm Vaccine, Gaithersburg

 

# # #


Release ID: 12-067
Media Contact: Kristina Ellis 240-793-9568

» Return to News Releases
Last edited: 11/8/2010