Therapeutic Discovery Project Awards Provide Much Needed R&D Support

Inside BIO Industry Analysis

This morning, U.S. Treasury Secretary Timothy Geithner and HHS Secretary Kathleen Sebelius announced the awardees of the Therapeutic Discovery Project (TDP). We are running a few analytics on the recipient list and posting them here, along with links to relevant articles/blogs. Here is a primer:

  • 5600 projects were submitted by ~3000 companies
  • The maximum amount a project received was $244,479
  • 78% of projects received the maximum amount
  • Average project award was $217,108
  • 72% of the money went towards 2009 projects and 28% towards 2010 projects

Background:

The recent announcements of awards granted through the Therapeutic Discovery Project provide support for breakthrough medical discovery, innovation and job creation in American companies, and bolster America’s global competitiveness. The award announcements come at a critical time for our industry (see the BIO Industry Analysis state-of-the-industry address at the recent BIO Investor Forum in San Francisco). The TDP is an important program to help support R&D activities and job creation at American companies that are pioneering scientific medical breakthroughs to tackle disease.

  • The TDP makes available a tax credit to companies with 250 employees or fewer and covers up to 50 percent of qualified investments
  • Qualified investments are projects aimed at creating new therapies, reducing long-term health care costs, or significantly advancing the goal of curing cancer within the next 30 years
  • A total of $1 billion was allocated to the qualifying projects
  • BIO was a strong advocate for the TDP

Links:

Biotech Now

Nature.com blog

Xconomy Seattle

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