Boston Sci to receive 8 years of tax credits
Boston Scientific (Natick, Massachusetts) reported that it reached an agreement with Massachusetts for eight years of retroactive tax credits.
The company failed to meet the job creation requirements for a state tax break, but negotiated for the new deal with an exchange for expanding its operations on the North Quincy, Massachusetts waterfront, according to The Patriot Ledger.
The Commonwealth's Economic Assistance Coordinating Council approved a $400,000 tax credit in November after it agreed to re-categorize jobs at Boston Scientific's Marlborough, Massachusetts location where the company recently completed a new office complex. The council voted to include previously ineligible contract employees at the facility in Boston Scientific's hiring numbers, according to the newspaper.
Boston Scientific's ongoing $65 million dollar expansion in North Quincy was also enough leverage for the company to gain a tax increment finance agreement from the city. Under the deal, tax increases for the company drop 32% each year through 2018, according to the Ledger.
Semprus wins F&S Award
Semprus BioSciences (Cambridge, Massachusetts) reported that it has won the Frost & Sullivan 2010 North American Enabling Technology of the Year Award for Surface Functionalization Technologies for its Semprus Platform.
Semprus BioSciences is a venture-funded biomedical company designing products to give patients and clinicians new tools to eliminate the 56,000 preventable annual U.S. deaths and $11.2 billion cost of infection - and thrombus- related complications that arise when vascular access products are implanted in the body. The company spun out of the labs of biomedical researcher and Massachusetts Institute of Technology (MIT; Cambridge, Massachusetts) Professor Robert Langer in 2007, following its first place finish in MIT's $100K Entrepreneurship Competition, as well as Oxford University's Said School's Entrepreneurial Competition.
Each year, Frost & Sullivan presents this award to a company that has developed a pioneering technology that enhances current products and enables the development of newer products and applications. The award recognizes the high market acceptance potential of the recipient's technology and is supported by the 1,800 analysts and consultants at Frost and Sullivan who cover more than 300 markets and 250,000 companies spanning 40 global offices.
The Semprus Platform is a single-surface modification that is designed to reduce the attachment of bacteria, fungus, platelets and blood proteins to a device.