Contact:
Tony Hozeny, Department of Commerce, 608/267-9661
MADISON – Governor Jim Doyle today announced that three Wisconsin businesses
will receive funding for technology development projects from the Department
of Commerce (Commerce) Technology Matching Grant (TMG) and Technology
Venture Fund (TVF) Programs.
“Through my Grow Wisconsin initiative, we are supporting and assisting
entrepreneurs develop new high-tech businesses to create more good paying
jobs for our state,” Governor Doyle said. “These types of companies help
continue to move Wisconsin’s economy to the high end, and I am pleased that
we could assist with the growth and development of three companies with
great potential – Quintessence Biosciences, GWC Technologies, and Bell Brook
Labs.”
The projects are as follows:
* Quintessence Biosciences, Inc., is a Madison company established in
1998 to focus on the development of novel protein-based therapeutics for a
variety of disease states. It will receive a $250,000 TVF loan for working
capital necessary to expedite the development of cancer therapy. The total
project cost is $3.2 million with investor financing of $3 million. For more
information on the company, visit www.quintbio.com.
* GWC Technologies, Inc., is a Madison company established in 1997 to
develop instruments, supplies and reagents for the life science and
materials science research. It will receive a $200,000 TVF loan for working
capital needs related to the development of a new instrument. The total
project cost is $702,374. For more information on the company, visit
www.gwctechnologies.com.
* Bell Brook Labs, LLC, is a Madison company established in 2002 to
develop biological assay systems. It will receive a $50,000 TMG for working
capital necessary to complete a SBIR Phase II project. The total project
cost is $1 million and the company has been approved for a SBIR Phase II
application for up to $1 million. For more information on the company,
visit www.bellbrooklabs.com
The TVF program provides low-interest loans to Wisconsin high-tech companies
with fewer than 100 employees that are seeking angel or other seed capital
investment, to facilitate the capital search. The TMG program provides
state match funding to enhance a small Wisconsin business’s federal funding
application. For further assistance, contact John Stricker, Commerce, at
608/261-7710.
