Contact:
Tony Hozeny, Department of Commerce, 608/267-9661
MADISON – Governor Jim Doyle today announced that the Department of Commerce
(Commerce) has qualified five small businesses for investor tax credits
under the new Angel Investor and Venture Fund Tax Credit Programs created by
Act 255.
“I championed legislation to spur more venture capital investment, as it is
essential to the state’s economic growth,” Governor Doyle said. “By
encouraging investors through tax credits to make these crucial investments
– we are helping to turn these great ideas into viable, job-creating
businesses.”
The Angel Investor and Venture Fund Tax Credit Programs offer Wisconsin
income tax credits to angel investors and investors in seed-stage venture
capital funds. These programs are designed to increase the supply of both
qualified angel investors and investors in qualified venture capital funds.
The tax credits are available only for investments made in technology
businesses qualified by Commerce. As Commerce qualifies businesses for
investment, it will list them on the Commerce website at
www.commerce.wi.gov/act255.
The qualified new business ventures are as follows:
* Quintessence Biosciences, Inc. – A Madison company established in
May 1998 to focus on the development of novel protein-based therapeutics for
a variety of disease states. For more information, visit www.quintbio.com.
* OvaTech, Inc. – A Madison company incorporated in September 2001 to
produce a natural, high technology dried egg feed additive for growth
enhancement that will be added to the feed of swine and poultry markets.
* Botanic Oil Innovations, Inc. – A Spooner company incorporated in
June 1999 to produce botanical oils for use in cancer therapeutics and
nutritional products. For more information, visit www.botanicoil.com.
* Marvel Medtech, LLC – A Cross Plains company organized in August
2002 to develop a medical device that can be retrofitted to existing MRI
scanner systems.
* GenTel BioSurfaces, Inc. – A Madison company established in October
2000 to develop, manufacture and sell high-quality biochip products to life
science, pharmaceutical and diagnostic researchers. For more information,
visit www.gentelbiosurfaces.com.
For further information on the Angel Investor and Venture Fund Tax Credit
Programs, contact Jamie Wall, Department of Commerce, at 608-267-0770.
