Contacts:
Tony Hozeny, Department of Commerce, 608-267-9661
Ethnie Groves, Office of the Governor, 608-261-2156
MADISON – Governor Doyle today announced that QRG Bioscience, LLC of Madison will receive $155,000 from the Department of Commerce Technology Venture Fund (TVF) program.
“For Wisconsin to continue to provide the type of good-paying, family-supporting jobs we want, it is important to support and assist entrepreneurs in the development of new high-tech businesses,” Governor Doyle said. “Companies like QRG Bioscience not only help continue to move Wisconsin’s economy to the high end – they are doing very important work in the treatment of diseases like Alzheimer’s and Parkinson’s. I am pleased that we could assist with the growth and development of this great Wisconsin company.”
QRG Bioscience, LLC develops treatments for neurodegenerative diseases such as Alzheimer’s and Parkinson’s diseases. The company will use the funds to purchase new equipment. The total project cost is $848,135.
“The State has been very helpful in providing assistance as we grow and they have nurtured a very pro-growth environment for the biotechnology business in Wisconsin,” said Mark Underwood, COO of QRG Bioscience. “We have data that show a significant neuroprotective effect of our therapies, and commercializing this technology now becomes the key to our success.”
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.
For more information about Technology Development programs, contact John Stricker, Commerce, at 608-261-7710.
For more information about the work of QRG Bioscience, LLC, go to the company’s website at: http://www.qrgbioscience.com/bioscience.html.
