— Cellectar Biosciences’ cancer therapy has received “orphan drug” designation from the European Commission for the treatment of multiple myeloma, a cancer of the body’s plasma cells.
“This designation complements our U.S. orphan drug designation and U.S. fast track designation already granted by the FDA,” said company CEO and President James Caruso.
Orphan designation in Europe is reserved for medicines that satisfy several key requirements. They must be intended for treating “life-threatening or seriously debilitating” diseases that rarely occur, with a prevalence in the European Union of less than five in 10,000. The product or treatment must also represent a “significant benefit” over existing treatments.
Along with the designation, Cellectar will qualify for reduced EU regulatory filing fees, up to 10 years of market exclusivity and other benefits.
Caruso notes Cellectar’s therapy has recently shown “encouraging results” in the treatment of advanced multiple myeloma, and expects more results to arise from ongoing clinical trials before the end of the year.
— Property owners will see a slightly higher lottery tax credit on this December’s bills with sales coming in higher than expected, according to the Legislative Fiscal Bureau.
The average credit on December property tax bills will be $185, up from the $176 that was estimated when the budget was signed.
In a letter to Joint Finance Committee members last week, the Department of Administration reported it was revising projected sales for 2019-20 to $703.1 million, about $11.2 million higher than previously expected.
Those projected sales were revised based on what the state has seen so far in the fiscal year. That’s on top of stronger-than-expected-sales in 2018-19, which pushed the lottery credit fund’s opening balance higher. This resulted in the larger credit homeowners will see, according to the LFB summary.
The projected credit on December’s bills will be up from $163 that property owners saw last year. Part of that increase is due to the additional general purpose revenue the 2019-21 budget put into lottery administration. The move was taken to free up revenues from lottery sales for the credit. Without it, there would’ve been $71.7 million less available for the credit, according to LFB.
See the memo:
— GOP lawmakers are circulating a bill for co-sponsorship that would expand a sales tax exemption for commercial beekeeping to include other beekeeping operations.
Commercial beekeepers produce honey and other products, directly stimulating the state’s economy. But the bee populations maintained by hobbyists and others also play a role in pollination, helping to support a number of crops.
“Not only are bees vital to raising healthy crops, they also are key to ensuring the success of the dairy, cattle, and other animal husbandry industries, as the bees pollinate the plants like clover and alfalfa that are vital to raising healthy animals,” the bill’s authors said in the co-sponsorship memo.
The legislation is from Rep. Jeff Mursau, R-Crivitz, and Sen. Luther Olsen, R-Ripon. In their memo, they say more than one-third of crops being grown require pollination, based on USDA figures.
But despite their key role in many agricultural operations, bee populations in the United States are dwindling. The memo shows more than six million U.S. hives existed in 1940, while that’s now fallen to just 2.5 million. Ramped up farming operations and reduced biodiversity in the environment are helping drive this trend.
At the same time, the bill’s authors claim beekeeping is “going out of style.” While other farming operations can be supported with automation, beekeeping is uniquely delicate and requires a dedicated human touch.
The deadline for co-sponsorship is 5 p.m. Oct. 10.
See the co-sponsorship memo:
— WEDC has begun accepting applications for the next round of Entrepreneurship Support Program grants, which go to organizations providing resources for startups.
Nonprofits and other community-based organizations can receive between $10,000 and $100,000 for projects related to entrepreneurship. That can include providing training and mentorship, business and product development, as well as financial and legal services. Grants from the program must be matched by applicants.
Funding can be used for personnel, professional services and materials “directly related” to the entrepreneurship-related efforts. That doesn’t include land, equipment or facility costs. And all projects supported by the program must take place in 2020.
The WEDC program has given $1.5 million in grants to 28 organizations in the state since 2016. In turn, those organizations have impacted hundreds of entrepreneurs, according to a release.
Applications for next year are due Oct. 25.
See more on the program: http://wedc.org/programs-and-resources/entrepreneurship-support-program/
— Imbed Biosciences, a medical device company developing advanced therapies for soft tissue repair, has received a $1.5 million, two-year Small Business Innovation Research grant.
According to a release from UW-Madison, the grant will help test whether adding an element called gallium to an ultra-thin material carrying antimicrobial silver can defeat the “biofilms” that shield bacteria from antibiotics.
“Bacteria inside the biofilm are looking for more iron, so they end up taking up gallium,” ImBed CEO Ankit Agarwal said in a statement. “So in return for accepting a worthless ‘Trojan horse’, the bacteria are exposed to silver … and they will die.”
Silver plus gallium will be tested on wounds in pigs in the UW-Madison School of Veterinary Medicine.
The biotech company closed a $2 million Series A funding round in April, and its product MicroLyte was cleared by the FDA for marketing in the United States in August 2016.
See more at Madison Startups: http://www.madisonstartups.com/imbed-biosciences-receives-sbir-grant/
#TOP STORIES#
# Wisconsin refinery that was site of explosion plans $400M rebuild
# Milwaukee-area manufacturing sector shrinks for third straight month
# Medical College of Wisconsin looking at cancer disparities in Hispanics
# How one small Wisconsin hospital was saved amid a statewide rural health crisis
#TOPICS#
# AGRIBUSINESS
– Wisconsin all milk price climbs another 30 cents
– Other commodities were mostly lower
# ENTREPRENEURSHIP
– New Milwaukee professional women’s organization to focus on inclusion, mentorship
# ENVIRONMENT
– Heavy rains drench northeast Minnesota, northwest Wisconsin
# HEALTH CARE
– Froedtert Hospital president Cathy Buck to retire
# LABOR
– Montage, Shaker International rebranding as Modern Hire
# LEGAL
– J.F. Ahern sues to recover $672K for unpaid pipe infrastructure
# POLITICS
– Wisconsin Gov. Evers supports Milwaukee County sales-tax referendum
– Former DATCP secretary endorses Tiffany for congress
– Legislative committee to vote on DNR chief confirmation
# REAL ESTATE
– Former Muskego elementary schools eyed for multi-family, senior living developments
– Apartment conversion of former MPS school held
# REGULATION
– Husky given green light to rebuild Superior refinery
# RETAIL
– Local Harley-Davidson dealerships prepare for the arrival of LiveWire
# SPORTS
– Milwaukee Brewers attendance among best in MLB while Yelich jersey a top seller http://www.bizjournals.com/milwaukee/news/2019/09/30/milwaukee-brewers-attendance-among-best-in-mlb.html
– State FFA Foundation raises $35,000 during golf outings
# TECHNOLOGY
– Local cybersecurity startup shutting down
# TOURISM
– New app to help Dairy Expo attendees plan trip to show
# TRANSPORTATION
– Jump Start: Helium delivers library books to your door
# PRESS RELEASES
<i>See these and other press releases:
http://wisbusiness.com/index.iml?Content=82 </i>
Wisconsin School of Business: Enrolls first MS in business analytics class
