Wisconsin Economic Development Corporation: Governor Walker certifies Qualified New Business Venture

Contact: Tom Thieding, 608-266-8603 (through 9/3) 608-267-9661 (starting 9/5)

MADISON – Governor Scott Walker announced that Cytophil, Inc., East Troy, has received the Qualified New Business Venture certification from the Wisconsin Economic Development Corporation.

The QNBV status makes investors in the company eligible for a 25-percent tax credit on the amount they invest in the businesses.

“Wisconsin is home to an increasing number of innovative companies,” Governor Walker said. “Our QNBV program and new incentives for investment in these companies will accelerate their potential for growth and job creation.”

Cytophil was established in 2004, developing and manufacturing synthetic bone void fillers and injectable soft tissue fillers for therapeutic and cosmetic applications. Additional products are in the process of being released, with a number of other products in various stages of development. Cytophil intends to apply investments from its QNBV certification to complete development, increase marketing and gain regulatory approval for the sale of its product portfolio.

For additional information about the Qualified New Business Venture program, please visit http://www.commerce.wi.gov/bd/BD-Act255-QNBV.html.

The WEDC is Wisconsin’s lead economic development agency. Created in statute as a public authority, the WEDC is responsible for economic development activities previously administered by the Department of Commerce, a state agency eliminated on July 1, 2011.