Medford Company Commits to Creating Local Jobs

Science-Technology Lab to Receive Tax Incentives in Exchange for Job Creation

Medford-based Nanobiosym Diagnostics has been authorized to receive state tax incentives for 2010 totaling $673,381 by the Massachusetts Life Sciences Center, the agency charged with implementing the state’s ten-year, $1 billion Life Sciences Initiative. In return the company has committed to the creation of 25 new jobs in 2011.

The Center has approved a total of $23.9 million in 2010 tax incentives to encourage growth at 30 life sciences companies. The recipient companies have committed to creating nearly 1000 new jobs in 2011.

The Life Sciences Tax Incentive Program, established in 2008 as part of the state’s ten-year, $1 billion Life Sciences Initiative, authorizes up to $25 million in tax incentives each year for companies engaged in life sciences research and development, commercialization, and manufacturing. The primary goal of the program is to incentivize life sciences companies to create new sustained jobs in Massachusetts.

The Life Sciences Act provides for nine different incentives, which address the significant capital expenditures associated with the life sciences R&D cycle and the high costs of translating research into commercially viable products. This is the second year that incentives have been provided under the program.

“These incentives demonstrate the state’s commitment, not only to our company, but also to partnering with us to help build the new Nanobiotech Innovation Economy in the Commonwealth, ” said Dr. Anita Goel, Chairman and CEO of Nanobiosym Dx, Inc. “The Massachusetts Life Sciences Center’s support will help further our mission to provide next generation nanodevices for affordable & personalized healthcare to people here in Massachusetts, the US, and around the globe.”

“The Life Sciences Initiative is all about jobs and better health,” said Governor Deval Patrick. “These incentives help us build a stronger foundation for our economy and for healing for years to come.”

“These tax incentives are providing a solid return on our state’s investment in both the short and long term, with this year’s round of recipients committing to create nearly 1,000 new jobs during the coming year,” said Dr. Susan Windham-Bannister, President & CEO of the Massachusetts Life Sciences Center. “We are utilizing these incentives to encourage the creation of jobs in sectors where Massachusetts is a global leader, and where jobs typically pay more than the average salary in Massachusetts . This tax incentive program is already working to stimulate our economy, while holding the companies involved accountable for their job creation commitments.”

“I am pleased that a Medford-based company received such an incentive that will not only promote job growth but also allow people to work on a meaningful health related project,” said State Representative Paul J. Donato (D-Medford).

“I am thrilled that the Massachusetts Life Sciences Center is supporting one of our local businesses,” said State Representative Carl Sciortino (D-Medford). “This kind of recognition reinforces the value of creating quality jobs in industries that show promise for the future. These jobs and businesses are necessary to keep our community thriving.”

“The intention of the legislation to invest in life sciences job creation throughout the Commonwealth was to make the Massachusetts economy one of the strongest in the nation by creating and sustaining jobs and by investing in scientific research,” said State Representative Sean Garballey (D-Arlington). “This announcement certainly is a step in the right direction for our Commonwealth.“

The Tax Incentive Program is jointly administered by the Center and the Massachusetts Department of Revenue (DOR), which will oversee the technical administration of the incentives. Jobs that are created must be maintained for at least five years. The Tax Incentive Program mandates that awarded companies submit reports and respond to inquiries by the Center and DOR regarding employment figures. If a company receiving a tax incentive under the program does not meet and maintain their job creation commitment, the credit can be “clawed back” (recovered) by DOR, requiring that the company pay back all or a portion of the tax incentives they’ve received.

About Nanobiosym Diagnostics

Nanobiosym®Diagnostics(NBSDx) focuses on the commercialization of the Gene-ADAR®, a portable nanotechnology platform that can rapidly and accurately detect genetic fingerprints from any biological organism, empowering people worldwide with rapid, affordable, and portable diagnostic information about their own health.

– Information from Massachusetts Life Sciences Center