Cellphire, Inc., the global leader in long-term stabilization and storage of platelets, announced today that investors who participated in the $3,000,000 Cellphire funding round that closed in June 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 2017 Maryland resident or non-resident tax return. In the event they do not owe Maryland income tax, they will receive a check from the State of Maryland.
The Maryland Biotechnology Investment Incentive Tax Credit (BIITC) Program was established to promote private investment in qualified Maryland biotechnology companies like Cellphire.
“The Maryland biotech tax credit continues to be a powerful incentive for private investors to invest in great biotech companies like Cellphire,” said Cellphire CEO Stephen Willard. “Cellphire has now grown to 32 employees and with the State’s continued support we expect to almost triple that number by 2020.”
The BIITC program requires continues to require 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 appropriation.
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