Massachusetts Life Sciences Center Announces 2012 Life Sciences Tax Incentive Program

Waltham, MA – The Massachusetts Life Sciences Center announced today that applications are now being accepted for the 2012 Life Sciences Tax Incentive Program. All applications are due by noon on October 25, 2012 and can be submitted online via the Center’s website at www.masslifesciences.com. Information sessions for potential applicants will be held over the summer in various locations. Dates and locations are listed on the Center’s website.

The Program offers tax incentives to companies engaged in life sciences research and development, commercialization and manufacturing in Massachusetts. The Life Sciences Initiative authorizes the Center to award up to $25 million in tax incentives each year. Through three prior rounds the Center has fifty-seven (57) active awards totaling $56.7 million involving companies that have created or are promising to create more than 2,000 jobs.

The Program addresses the significant capital expenditures associated with the life sciences R&D cycle and the high costs of translating research into commercially viable products. To qualify, companies must receive certification from the Center and must demonstrate both the scientific and economic merit of their expansion plans. The primary goal of the Program is to incentivize life sciences companies to create new long-term jobs in Massachusetts.

“Our Tax Incentive Program has provided a solid return on investment for the taxpayers by incentivizing job creation, and holding the companies involved accountable for their job creation commitments,” said Susan Windham-Bannister, Ph.D., President and CEO of the Massachusetts Life Sciences Center. “In keeping with our mandate, the Center is utilizing our tax incentives to stimulate the state’s economy by creating jobs in industry sectors where Massachusetts is a global leader and where jobs pay far more than the average salary in Massachusetts.”

“As the world technology leader in the development of fast whole blood analyzers, point of care, hand held meter and strip based systems for glucose, ketone, lactate and creatinine testing, SMBG products and chemistry analyzers for biotechnology, Nova Biomedical is proud and fortunate to be participating in the MLSC tax incentive program,” said Reno Nolli, Director of Treasury Operations for Waltham-based Nova Biomedical Corporation. “We have been the recipient of three significant tax incentives over the past three years that have helped support the Company's growth, particularly with the acquisition and outfitting of our new 80,000 square foot manufacturing facility in Billerica, Massachusetts, and the hiring of new employees in Massachusetts. Nova Biomedical employs nearly 700 full-time employees in Massachusetts and over 900 worldwide.”

For more information visit the Center’s website or email taxprogram@masslifesciences.com.