MONTGOMERY, Ala. – Eight biotech companies recently received a combined $2.7 million in through a new state tax credit program.
Southern Research, a non-profit scientific research organization focused on green energy and medical advancements, announced the awards and said the initial investments should add about two dozen high-paying jobs in the state. Southern Research received nearly $3 million through the 2023 Innovate Alabama Tax Credit to launch its Therapeutics Development Fund.
“The Therapeutics Development Fund is playing a critical role in our effort to enhance the biotech industry in Alabama by supporting innovators who are already here and those who are willing to move here,” Josh Carpenter, CEO of Southern Research, said in a written statement. “We are excited to leverage our 80 years of experience and expertise to support startups who want to advance their programs in Birmingham’s rich biotechnology ecosystem.”
The Legislature and Gov. Kay Ivey created the Innovate Alabama Tax Credit, part of their larger “Game Plan” for economic development. Donors with Alabama tax liabilities make contributions to the grant program and in return receive offset up to 50% of their income, financial institution excise, insurance premium or utility license taxes.
The Therapeutics Development Fund is designed to attract biotech firms to Alabama and connect in-state startup companies with resources they need to stay in Alabama, including wet lab space, Southern Research said in a press release.
A second tranche of more than $3 million will be awarded later in the year to support additional existing companies and new ventures in 2024 into 2025.
The eight recent awardees are: Yuva Biosciences in Birmingham; SCORE Pharmaceuticals in Huntsville and Birmingham; Southern biological Solutions in Birmingham; Celestia Diagnostics in Birmingham; Diamond Therapeutics, a Canadian company with a Birmingham subsidiary; Metaclipse Therapeutics, an Atlanta company with plans for a Birmingham location; and virtual companies DomainOne and CorriXR Therapeutics.
