Tuesday, August 2, 2011

Utah life-science firms get $1M in state incentives

Four Utah start-up companies operating in the state’s life-science industry collectively received $1 million in financial incentives Monday from the board of the Governor’s Office of Economic Development. The incentives, ranging from $100,000 to $350,000, will be given in the form of tax credits and are contingent upon each of the businesses adding to their workforces over the next three years. The incentives were authorized under the new Technology and Life Sciences Economic Development Act passed by the 2011 Legislature.

  • Domain Surgical will receive $250,000 in tax credits, provided it adds 19 employees to its payroll of 11.
  • Aribex, an Orem-based company that is producing and marketing a portable X-ray system used by veterinarians and dentists, received $350,000, provided it adds 30 employees to its base of 42.
  • Salt Lake City-based Catheter Connections received $300,000 in tax incentives. It has to almost triple the number of its employees to 13. It is working on bringing to market a device that protects patients from infections when they are receiving intravenous fluids and other infusion therapies.
  • Salt Lake City’s Blackrock Microsystems is projecting it will be able to increase employment by 33 percent, or 20 new positions, within the next three years. It received a tax incentive valued at $100,000. It is marketing an easy-to-use system for recording and analyzing electrical activity in the brain. Salt Lake Tribune