WisBusiness.com - Governor Doyle Qualifies Two Technology Companies for Investor Tax Credits

MADISON — Governor Jim Doyle today announced that FluGen and Sonoplot, Inc., two small businesses in Dane County, have qualified for investor tax credits under new Angel Investor and Venture Fund Tax Credit programs.

“Spurring more venture capital investment is essential to the state’s economic growth,” Governor Doyle said. “By encouraging investors to make crucial investments, we are turning great ideas into viable, job-creating businesses. Today, new technology firms are starting and expanding all across Wisconsin.”

The Angel Investor and Venture Fund Tax Credit programs offer Wisconsin income tax credits to angel investors and investors in seed-stage venture capital funds. The people that invest in the businesses are able to claim tax credits under the legislation the governor signed in April 2004.

These programs are designed to increase the supply of qualified angel investors and investors in qualified venture capital funds. The tax credits are available only for investments made in technology businesses qualified by the Department of Commerce. As Commerce qualifies businesses for investment, it lists them on the Commerce website at www.commerce.wi.gov/act255. There are currently 75 businesses qualified by Commerce.

The newly qualified companies are as follows:

FluGen, Madison, Dane County

This company was formed in June 2007 to develop and manufacture more effective and safer vaccines and treatments for both seasonal and pandemic influenza strains. Technologies used are based on work done in the University of Wisconsin laboratory of Dr. Yoshihiro Kawaoka, licensed from WARF. For more information, visit http://wistechnology.com/articles/4219/?id=4219.

Sonoplot, Inc., Middleton, Dane County

This company was formed in 2003. It creates substrates, molecules upon which enzymes act, that bind biological molecules and dispense fluid in microscale amounts. The company will focus on developing fluid dispensers and an optical-disc-based diagnostic system. For more information, visit http://www.sonoplot.com/.