Contact:
Tony Hozeny, Department of Commerce, 608/267-9661
MADISON – Governor Jim Doyle today announced that the Department of Commerce
(Commerce) has qualified NovaScan, LLC, Milwaukee, Milwaukee County, for
investor tax credits under the new Angel Investor and Venture Fund Tax
Credit Programs.
“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.”
“These tax credits are an additional incentive for investors and will help
us attract qualified angels to fund the next phase of development and
clinical testing of our technology,” said Larry Wells, CEO of NovaScan.
“This program should increase the level of investing in high-tech start-up
companies in the state.”
NovaScan, LLC has developed a unique technology that measures the electrical
properties of materials. The technology is being developed to identify
different tissue types within the body and to distinguish malignant from
benign lesions and tumors. The company has been targeting breast cancer as
the initial application and there are other cancer detection applications
being considered.
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.
For further information on the Angel Investor and Venture Fund Tax Credit
Programs, contact John Stricker, Department of Commerce, at 608-261-7710.
For more information about NovaScan, please contact Larry Wells at
262-893-7165.
