Download now: Gold and Silver Mining Stocks

Biotech Receives State Funding

Manufacturing Companies Also to Benefit

Written by Swagato Chakravorty
Posted October 1, 2012 at 3:48PM

In Connecticut, Governor Dannel Malloy has announced the state will grant funding to a biotech and two other companies that will make use of the funds to relocate, expand, and add jobs in the state.

Durata Therapeutics (NASDAQ: DRTX), a biotech company based in New Jersey, will relocate part of its company to Branford and another part to Chicago, Illinois. Within the state of Connecticut, Durata will create up to 80 full-time jobs, as well as set up new operations, relying on $2.25 million in state bonding grants.

The company was founded in 2009 and is a clinical development stage firm with focuses on drug development for combating infectious skin diseases. It specializes in using dalbavancin to fight acute bacterial skin infections. Such diseases affect almost 3 million each year. The drug, after full development, will be injectable.

From the Hartford Courant:

"With the addition of Durata Therapeutics, we are further cementing the state as a destination for health and life sciences companies," Gov. Dannel P. Malloy said. "Connecticut will continue to cultivate new investment, attract new talent, and work with our entrepreneurs to develop our workforce and strengthen our state's position as a global leader in this rapidly expanding field."

Durata has also acquired rights to a pharmaceutical drug and two other products by acquiring Vicuron Pharmaceuticals from Pfizer (NYSE: PFE).

Meanwhile, Montville’s Thomas G. Faria, a company that makes digital instrumentation for vehicles, hopes to acquire an out-of-state firm using a $3.5 million loan and thus expand operations. The company will retain its current 151 positions and add 35 new full-time employees, hoping to add another 50 employees later on.

Finally, Plainfield manufacturer C&M Technologies has received $1.5 million for an expansion project, which should greatly aid the company’s existing $2 million plan to purchase new equipment and hire around 21 new employees.

The state bond commission is set to vote on all three projects on October 3.

Related Articles

Biotech Investments Prosper from Takeovers
The acquisition of Human Genome Sciences has sparked interest in potential biotech takeovers plays.
New Jersey Biotech Companies
New Jersey has reported a profitable two years in the biotech sector despite economic shortcomings.
Biotech's Prostate Cancer Drug Approved
Medivation Inc. (NASDAQ: MDVN) won FDA approval for its late-stage prostate cancer treatment...


What is the benefit of the email subscription?
While the Wealth Daily website offers access to the articles and reports, as a newsletter subscriber you will be among the first to receive access to the valuable advice, delivered directly to your inbox daily, and you will have access to deals on our exclusive services.
Who Owns Most of the World's Gold?
4% of the World Controls 12.6% of the Gold
Volkswagen: The Dumbest Car Company on the Planet
Will Volkswagen Expedite the Demise of the Internal Combustion Engine?
Organic Farmland Investing
Marc Faber and the Millionaire Farmer
Marijuana Legalization and the Case for Liberty
The Case for Cannabis Legalization
The World's Biggest Cash Crop