The Wisconsin Economic Development Corporation has certified Varigen Biosciences as a Qualified New Business Venture (QNBV), the organization announced recently.
According to a release, QNBV allows investors in Varigen Biosciences to receive a 25 percent state tax credit on the amount they invest in the business, up to $750,000 total.
“We are pleased that WEDC saw fit to make tax credits available to our investors,” Varigen Biosciences CEO and Co-Founder David Mead said in a statement. “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.”
The biotech company, which develops products for genomics research and drug discovery, is raising funds for product development, market launch efforts, additional staff and sales and marketing initiatives.