Investors in 10 local biotech companies will receive $500,000 in return for investing more than $7 million in local companies that qualified for the county’s local biotech tax credit supplement program.
For 2013, forty-six unique investors will receive a supplement from Montgomery County in addition to more than $3.5 million – or 39.5% of the total tax credits awarded by the state – they received from the Maryland Biotech Tax Credit Program.
"The Maryland and Montgomery County tax credit programs for biotech investors are substantial assets for companies in our region,” says Carol Nacy, CEO of Sequella, whose investors participated in the programs in 2012 and 2013. “Our investors are delighted to participate, we are able to raise capital in good times and bad, and companies in other states are actually interested to move here to have the advantages these programs offer to capital-intensive industries. It's a win-win program!"