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Scott Walker 
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IMPORTANT: As of July 1st, 2011, functions once performed by the Wisconsin Department of Commerce have been moved to other state agencies and the Wisconsin Economic Development Corporation. The former Commerce web site will continue to exist for the next several months as resources are moved to new web site locations. We will make every attempt possible to direct our users to the new locations as web resources are moved.
Governor Doyle Announces $630,000 for MPP Group, LLC
For Immediate Release: August 27, 2008 Project to Assist Milwaukee Biotech Start-up MADISON - Governor Jim Doyle today announced he is providing MPP Group, LLC, with a $250,000 loan and $380,000 in grants for assistance over three years in starting a pharmaceutical development company. The Department of Commerce has also certified the company as a Qualified New Business Venture eligible for investor tax credits under the Angel Investor and Venture Fund Tax Credit programs. "Wisconsin is a world leader in biotechnology, and we are developing a critical mass of companies that are creating the processes and products of the future," Governor Doyle aid. "I am pleased that we can help MPP Group with early-stage costs." MPP Group specializes in active pharmaceutical agents that treat a variety of medical conditions. Established in June 2007, the company is located at the Milwaukee County Research Park in Wauwatosa. Initial activities will include hiring experienced researchers; obtaining legal patent protection; and synthesizing compounds and confirming molecular activity in test models. The company will use Commerce funds for product development and start-up costs. Total project costs will approach $20 million. For more information on Commerce programs and services, contact the Commerce area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html. -30- |
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