Biotech Jobs Houston Get Federal Funding Boost
The number of biotechnology jobs Houston has may get a boost from some federal funding.
More than 60 biotechnology companies throughout Texas have received a total of almost $12 million in grants and tax credits through the Qualifying Therapeutic Discovery Project Program, which was created under the Patient Protection and Affordable Care Act.
Houston-based DNAtrix Inc. and Austin-based Xbiotech USA Inc. received a total of $188,668.02 in tax credits. The funding can be used to cover up to 50 percent of the cost of qualifying biomedical research and was only given out to firms with fewer than 250 employees.
Last year, 102 companies throughout Texas received a total of $21.9 million in funding. DNAtrix and Xbiotech USA, along with Fort Worth-based Capellon Pharmaceuticals and Sovereign Pharmaceuticals, received a total of $1 million in tax credits during 2009.
The Qualifying Therapeutic Discovery Project Program is aimed at producing new therapies, addressing unmet medical needs, reducing the rising cost of healthcare, and advancing the goal of curing cancer within the next 30 years. It also helps to create high-quality and high-paying jobs and advance America's competitiveness.
The program is administered by the U.S. Department of the Treasury and the National Institutes of Health. So far, a total of $1 billion in credits has been awarded to 2,923 companies specializing in biotechnology and medical research throughout 47 states and the District of Columbia.