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Foundation Medicine, Quanterix among Omics Firms Getting Massachusetts Tax Incentives

NEW YORK (GenomeWeb News) – The Massachusetts Life Sciences Center has released the list of firms that will receive a total of $25 million in tax incentives tied to job creation this year, and that list includes several omics and molecular diagnostics firms.

Under the program, which is jointly administered by the MLSC and the Massachusetts Department of Revenue, the life science firms have committed to creating a certain number of jobs in 2014. This year's incentive awards have gone to 33 life science firms, including pharmaceuticals, diagnostics, and research tools vendors, which have agreed to create more than 1,200 new jobs in Massachusetts in 2014.

Among the omics tools and molecular diagnostics firms getting incentives are Foundation Medicine, which is receiving $1.2 million in incentives for the creation of 60 jobs; 908 Devices, which is getting $180,000 for creating 12 jobs; Nuclea Biotechnologies, which is getting $510,775 for creating 25 jobs; Quanterix, which is receiving $245,172 for 12 jobs; SynapDx, which will receive $200,000 for creating 10 jobs; and T2 Biosystems, which will get $245,172 for creating 12 jobs.

"Over the past five years the Life Sciences Center's Tax Incentive Program has encouraged life sciences companies large and small to create jobs and grow in Massachusetts," Susan Windham-Bannister, president and CEO of the MLSC, said in a statement. "This program continues to provide a solid return to the Commonwealth, while holding life sciences employers who receive our incentives highly accountable for meeting their job creation commitments."

MLSC said that 2014 marks the fifth year that incentives have been provided under the program. Prior to this year, the program provided 44 companies with tax incentive awards totaling more than $68 million, which led to the creation of more than 4,350 new jobs.