Tax credits for investors will help Varigen Biosciences raise capital to continue genomics research
Madison-based Varigen Biosciences Corp. has received Qualified New Business Venture (QNBV) certification from the Wisconsin Economic Development Corporation (WEDC).
QNBV status allows investors in qualified startup and early-stage companies to receive a 25 percent state tax credit on the amount they invest in the business. The program, one of several WEDC initiatives aimed at supporting startups, helps early-stage companies secure new investment and accelerates their potential for growth and job creation in Wisconsin.
Investors in Varigen, founded in 2016, are authorized to receive up to $750,000 million in state tax credits through March 2018.
“We are pleased that WEDC saw fit to make tax credits available to our investors,” said David Mead, Ph.D., CEO and co-founder of Varigen Biosciences. “We continue to make rapid progress in developing a very strong product portfolio in the life sciences and genomics markets and are creating a very viable pathway towards product commercialization.”
Varigen develops revolutionary products for genomics research and drug discovery by leveraging proprietary BigDNA™ Technologies to capture, amplify, sequence, and express DNA. The company’s disruptive technology enables life science researchers to perform sequence-specific capture, amplification, sequencing and over-expression of long DNA (10- 150 Kb) to dramatically simplify the analysis of gene pathways and production of natural products for drug discovery.
The development and commercialization of Varigen’s technology is supported by the Small Business Innovation Research (SBIR) programs of the National Science Foundation and the National Institutes of Health to develop new technologies for amplifying and cloning 100 Kb DNA.
Varigen is currently raising funds to accelerate growth and expansion into other segments of the market that require similar solutions. The funds will be used for product development and market launch efforts, to hire additional staff and to develop sales and marketing initiatives.
– Reposted from WEDC