Cellphire, Inc. announced today that all investors who participated in the $1.3M Cellphire funding round that closed in August have received their Final Tax Credit Certificates from the Maryland Department of Commerce awarding them a 50 percent refundable tax credit for their investments in Cellphire. They are now able to claim the tax refund by filing their 2016 Maryland resident or non-resident tax return.
The Maryland Biotechnology Investment Incentive Tax Credit (BIITC) Program was established to promote private investment in qualified Maryland biotechnology companies like Cellphire.
“While we believe that an investment in Cellphire is a great investment irrespective of the Maryland biotech tax credit,” said Cellphire CEO Stephen Willard. “There is no question that the 50 percent tax credit is a powerful incentive for investors to take risk in a sector that has traditionally been considered high risk—but high reward.”
The BIITC program requires annual renewal by the Maryland legislature, and it is expected that it will be renewed for the next year at a funding level at or above the current year $12 million appropriations.
About Cellphire
Cellphire, Inc. is a biotechnology company developing next-generation therapeutics. The company is applying its proprietary cell stabilization technology to all cell types, including platelets, to develop lifesaving products. Its lead product is Thrombosomes®, a freeze-dried hemostatic derived from human platelets. Cellphire’s technology has potential applications across a wide range of medical applications from trauma to wound care, imaging, targeted drug delivery, and regenerative medicine. For more information, visit www.cellphire.com.
Contacts:
Media
Sharon Burns
Director, Communications
sburns@cellphire.com
Investor Relations
Tom Dann
Chief Investment Officer
tdann@cellphire.com