Governor Doyle Qualifies Two Technology Companies for Investor Tax Credits

For Immediate Release: June 26, 2008
Contact: Tony Hozeny, Department of Commerce, 608-267-9661

MADISON - Governor Jim Doyle today announced that the Department of Commerce (Commerce) has qualified two small businesses for investor tax credits under the 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."

"This certification from the Department of Commerce is a tremendous opportunity for our company, providing the resources to attract additional investment, further develop our technologies, and hire additional research professionals." said James Thomas, M.D., Ph.D., CEO and Chairman of Perscitus Biosciences.

The qualified businesses are as follows:

Perscitus Biosciences, LLC, Madison, Dane County

Founded in 2006, this company is developing and commercializing a novel chemoprotectant molecule and a protein assay. The molecule has shown an ability to protect healthy human cells against the harmful effects of chemotherapy and radiation. The assay allows researchers to accelerate the identification of unknown binding proteins. To learn more, please visit www.perscitusbio.com.

HTSS, LLC, Milwaukee, Milwaukee County

Founded in 2007, the company is developing and marketing a patent-pending monitoring technology that will reduce injuries during exercise regimen. The technology uses electromyography and software to analyze muscle activity.

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 both qualified angel investors and investors in qualified venture capital funds. The tax credits are available only for investments made in technology businesses qualified by Commerce. As Commerce qualifies businesses for investment, it will list them on the Commerce website at www.commerce.wi.gov/act255.

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