$54 Million In Grants Awarded to Biotech Companies of the Bay Area

RigelOver $1 billion in tax credits and grants were put towards job growth and cures by the new national health care program. $278 million were given to companies in California, and over $54 million to Biotechnology companies in the Bay Area. Applicants were told they would receive up to $5 million in grants, but following the rapid influx of participants, the program failed to come close. Nonetheless, the grants will provide a helpful push for many companies.  The grants in the Bay Area ranged from less than $100,000 to the whopping $2.5 million that was given to Rigel Pharmaceuticals in Southern San Francisco.

Rigel Pharmaceuticals is an organization which focuses on inflammatory and autoimmune disorders, and muscle and metabolic diseases such as rheumatoid arthritis, multiple sclerosis, diabetes, non-Hodgkin’s lymphoma and psoriasis. It has been losing money since its public establishment in 2000, and was just awarded close to $2.5 million.

4,606 out of 5,600 therapeutic research projects were approved grants or tax credits. The program was intended to aid companies with less than 250 employees which have revealed true potential in producing new therapies, curing illnesses and reducing the costs of health care.

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