Dept. of Commerce: Governor Doyle Qualifies Seven Technology Companies for Investor Tax Credits

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

First Businesses Named Under New Angel Investors’ Early Stage Seed Fund Tax
Credit Programs; Includes Companies in Madison, Middleton, and Milwaukee

Governor Jim Doyle announced today that the Department of Commerce
has qualified seven small businesses for investor tax credits under the new
Angel Investor and Early Stage Seed Fund Tax Credit Programs created by Act

“I championed Act 255 because improving access to venture capital 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

The Angel Investor and Early Stage Seed 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 the Department of Commerce
(Commerce). As Commerce qualifies businesses for investment, it will list
them on the Commerce website at

The qualified companies are as follows:

* Wicab, Inc. – A Madison company established in March 1998 to focus
on the biomedical engineering, research, development, and commercialization
of devices based upon the BrainPort(tm) technology. For more information,
* Virent Energy Systems, Inc. – A Madison company established in June
2002 to commercialize a unique process that produces hydrogen and/or
hydrocarbon fuel gas from oxygenated compounds. For more information, visit
* Cellectar, LLC – A Madison company established in June 2000 to
develop tumor-selective imaging and therapeutic agents for the detection,
characterization, and treatment of cancer. For more information, visit
* Platypus Technologies, LLC – A Madison company established in April
2000 to develop, manufacture and market assays to detect targets such as
proteins, nucleic acids, and microorganisms. For more information, visit

* NeoClone Biotechnology International, LLC – A Madison company
established in 1999 to commercialize platform technology for the development
and manufacture of monoclonal antibodies. For more information, visit
* Lucigen Corporation – A Middleton company established in February
1998, has developed unique specialty products for gene cloning and genomics
as well as innovative technologies for enzyme discovery. For more
information, visit
* NeuroGnostics, Inc. – A Milwaukee company established in April 2003
in cooperation with the Medical College of Wisconsin to assess, manage and
develop treatments for central nervous system disorders through the
application of functional Magnetic Resonance Imaging (fMRi). For more
information, visit

For further information on the Angel Investor and Early Stage Seed
Fund Tax Credit Programs, contact Jamie Wall, Department of Commerce,