Signup for our free newsletter:

Biotech Receives State Funding

Written By Brian Hicks

Posted October 1, 2012

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.