Seattle WA – RIX® Technology announces the release of the RIX® Biotech Module, a new
Biotech Tax Credit module for the RIX® Technology application. RIX® Technology, an
Internet based technology and service for documenting R&D activity for Research Tax Credits
has released a module specifically for the new biotech credit, technically called the “Qualifying
Therapeutic Discovery Project Credit.” The “RIX® Biotech Module” allows small to medium
sized biotech companies to employ a RIX® implementation with moderate up front cost, and
document R&D activity immediately.
“This is possible,” says Rick Humphrey, President of RIX® Technology, LLC, “because we
have focused this module on the explicit needs of the biotech industry and specifically on the
requirements of this new biotech R&D credit. It will significantly reduce the cost of
documentation for smaller biotech companies, and as with all RIX® applications, expand their
credit and insure proper documentation for maximum retention of credits on audit.”
The new RIX® Biotech Module is purchased as an online service. There is no software to install
or maintain. It can be accessed from any computer, so there is no additional hardware
NEWS: RIX Technology LLC announces RIX® Biotech Module for Biotech R&D tax credit.
For Whom: All biotech companies with 250 or fewer employees seeking to apply for the 50% R&D
tax credit as defined in the Healthcare Reform act of 2010.
Significance: Provides an efficient, cost effective method for small biotech companies to document
R&D activity and apply for tax credits in a timely manner.
Benefit: Creating an immediate opportunity for small biotech companies to capture R&D activity
and cost data; providing expert services and methodology to apply for the “Qualifying
Therapeutic Discovery Project Credit” and defend that data under audit.
Price: By quotation.
Announcing RIX® Technology Biotech Module for Biotech R&D Tax Credit Page 2 of 2
requirement. The entire system is highly secure including encryption, password protection,
restricted access by need-to-access levels, and specific hardware identification.
After a brief survey by a RIX® professional, and optimization of the user interface for the client,
the RIX® Biotech Module is available to the client. Reporting of R&D activity and
documentation uploads begin immediately for current activity. Prior 2009 and 2010 fiscal year
activity can be backfilled into the RIX® system during the RIX® optimization process or at a
later time.
The RIX® Biotech Module provides regular management reports including full to-date R&D tax
credit calculations for rapid filing. This rapid filing capability is critical to companies desiring to
be first in line for the $1billion available through the biotech R&D tax credit opportunity.
Companies interested in more information or a free quotation should contact Nick Vasilieff at
206 619 9666, nickv@rixtechnology.com. Additional information on RIX® Technology can be
obtained at www.rixtechnology.com.
WHAT IS RIX®?
RIX® is a revolutionary new methodology for documenting R&D activity for Research Tax
Credits. Combining new online software technology and Expert Research Tax Credit Review in
an internet service platform, RIX® allows companies to capture activities and QRE (Qualified
Research Expense) contemporaneously, as they are being performed.
The RIX® Biotech Module is a full featured application and service that incorporates the
advanced technology of RIX® and the expert knowledge of RIX® Professionals, but is adapted
to the scaled down requirements of the smaller biotech organization and the fast-track needs of
this new biotech tax credit.
By adapting the full RIX® capability to the needs of biotech companies with 250 or fewer
employees, RIX® ensures that all reporting and documentation is complete and accurate. As a
result, RIX® lowers the cost of documenting R&D activities, reduces the disruption to the
production process, increases the amount of tax credit applied for, and increases the amount of
tax credit retained on IRS review.
COST
RIX® price is based on a pre-approved quotation. RIX Technology LLC provides a free
phone consultation and quotation to interested companies.
RIX Technology LLC
RIX Technology LLC was formed in 2005 specifically to develop and market the Resource
Information Xchange (RIX) technology. The founding partners are principals in The Miller
Group a tax consultancy founded in 1992 specializing in Federal and State Research and
Development Tax Credits.
