Dept. of Commerce: Governor Doyle Announces $2 Million Grant/Loan Package to Cellular Dynamics International

Ethnie Groves, Office of the Governor, 608-261-2156
Tony Hozeny, Department of Commerce, 608-267-9661

Governor Jim Doyle today announced that Cellular Dynamics International, Inc., of Madison will receive a $1 million technology development grant and a $1 million technology development loan from the Department of Commerce to expand its business, creating 33 new jobs. Governor Doyle made the announcement during at an event at Cellular Dynamics International to launch his new economic development plan – Grow Wisconsin: the 2005 Agenda.

“This new Grow Wisconsin agenda works to further expand the state’s high tech industry base,” Governor Doyle said. “I am pleased the state can make this investment help further the important research going on here at Cellular Dynamics, expand the biotechnology industry in Wisconsin, and create high end jobs.”

The company will use the funds for start up costs and will leverage $4 million in additional investment. The money is due in part to 2003 Act 255, signed by Governor Doyle in the last legislative session to support entrepreneurs and encourage more venture capital investment in early-seed stage companies.

Founded by Drs. James Thomson, Craig January, and Timothy Kamp, Cellular Dynamics International, Inc., will develop and provide stem cell screening services to the pharmaceutical and biotechnology industries. These services will assist in the development of safer and more effective drugs. The company will use the funds for start up costs. The project will leverage $4 million in additional investment.

Read Governor Doyle’s new economic development initiative, Grow Wisconsin: The 2005 Agenda: