Maryland biotech execs push for tax breaks

Washington Business Journal – by Julekha Dash Contributing Writer, Tuesday, February 17, 2009, 5:18pm EST

<Biotechnology leaders are urging Maryland lawmakers to double the amount of state tax credits available to young biotech companies.  Industry executives and legislators held a news conference in Annapolis Tuesday afternoon to highlight the successes of companies getting funding from the program. Biotech leaders realize that the state will not increase the $6 million in the fiscal 2010 budget, but they are hoping the $787 billion federal stimulus package will send in discretionary funds that Maryland will then use to boost spending on the biotech tax credit program.

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How to save biotech

What the industry needs is not a bailout, but some sensible policies

TheScientist.com / Published 17th February 2009 01:41 PM GMT, by Stephanie Marrus

125 of the 370 US-based public companies have less than six months of cash — a 90% increase in close-to-broke companies compared to 2007, according to the Biotechnology Industry Organization (BIO). And that number does not take into account the private companies suffering; about 40% of small private biotechs have less than one year of cash.

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