Wisconsin QNBV Annual Report

Act 255:
Early Stage Business
Investment Program
2012 Annual Report
July 2012
Prepared by Chris Schiffner,
Technology Investment Manager, WEDC,
Division of Entrepreneurship and Innovation
page
1
helping wisconsin
start-ups succeed
Wisconsin’s Qualified New Business Venture (QNBV) program – also known as our Angel
Investment Program, or Act 255 Program – has become a model of success. Since 2005,
the QNBV program has driven investment in early-stage businesses, creating jobs and
stimulating Wisconsin’s economy.
More than 216 companies have been certified through the QNBV program, helping leverage
$637 million in investments. Among those companies still certified as QNBV businesses,
reports show that the program has helped create 1,112 Wisconsin jobs. But we know this
number is actually much higher because successful companies eventually “graduate” from
the program and no longer report employment numbers to us. Some of those companies
have more than 100 employees and the jobs we’re talking about are good jobs with an average
salary of $76,500 per year.
The Wisconsin Economic Development Corporation’s (WEDC’s) Division of
Entrepreneurship and Innovation is building upon this program’s legacy of success,
pursuing our goal of increasing the number of entrepreneurs successfully starting
business in the state.
Wisconsin is a great place for business. We have the talented workforce, the strong education
system and the innovative entrepreneur programs necessary to lead the way in business
and job growth. By incenting investment in Wisconsin companies we will effectively attract
businesses to our state.
This report describes the QNBV program’s progress, including $44.7 million in qualified
investments in 2011. Throughout this report angel investor representatives and qualified new
businesses share their thoughts on the WEDC and Wisconsin’s entrepreneurial spirit, a spirit
we at the WEDC work every day to foster.
Sincerely,
Paul Jadin, CEO and Secretary,
Wisconsin Economic Development Corporation
page
2
Paul Jadin
CEO and Secretary of WEDC
historical summary
Stimulating business growth
The Qualified New Business Venture program, commonly known as the Act 255 investor tax credits or Accelerate Wisconsin, was launched in
2005 as the first program of its kind designed to drive equity investment to early-stage businesses with the potential for significant economic
impact and job growth. The early success of the program attracted national attention and has been a model for similar programs in a number
of other states, most notably Wisconsin’s neighboring states of Minnesota and Illinois.
In the six years since implementation, the program has certified 216 businesses. The following charts summarize the program’s investments
during that period.
Results by Year
Angel
$000s
Year
VC Fund
$000s
2005
$11,959
$501
2006
$9,673
$5,694
2007
$8,202
$10,401
2008
$12,374
$17,138
2009
$21,897
$12,902
2010
$19,919
$10,267
2011
$26,194
$18,487
Qualified Investments
$110,241
$75,392
$185,633
Credit Amount
$27,560
$18,848
$46,408
Cumulative Results
$000s
Investments by Industry
Type of
Industry
Biotech
Number of
Investments
Qualified
Investment
$000s
Average
Qualified
Investment
Total
Participating
Businesses
1,308
$65,902
$50,384
60
563
$31,028
$55,112
36
1,088
$57,316
$52,680
70
23
$1,235
$53,696
4
Energy
206
$8,541
$41,461
10
Other*
548
$21,611
$39,436
Health Tech
IT
Nanotech
Total
3,736
*Includes Advanced Manufacturing
$185,633
$49,688
548
1,308
206
23
1,088
563
36
208
216
462
23
1,308
Biotech
IT
Energy
Health tech
Nanotech
Other
1,093
654
page
3
job statistics
Creating jobs
Certified businesses provide annual reports with information on jobs, average
wages, grants received and financing received for the annual period. In 2010 the
state invested approximately an $8,174 per job. For 2010 we leveraged 23:1 in total
debt and equity financing to investment tax credits. The per-job investment in 2011
was $10,045. For 2011 we leveraged 10:1 in total debt and equity refinancing to
investment tax credits.
Job Growth
Year
Participating
Companies
Avg.
Salary
Jobs 1
Federal
Grants
Financing
2011
138
1,112
$76,500
$33.2M
$118.7 M
2010
125
930
$83,000
$29.4M
$175.3M
2009
106
697
$77,000
$8.1M
$95.2M
2008
89
545
$79,000
$5.4M
$96.6M
2007
76
395
NA
NA
$70.2M
2006
60
303
NA
NA
$44.3M
2005
40
262
NA
NA
$36.8M
(1) Note in 2011 WEDC changed the way Jobs are calculated. Prior to 2011 Jobs were total Full Time Positions
regardless of state of employment. The 2011 Numbers show FT and PT Jobs based in WI. Note that companies
that exit the program, including those that no longer require equity investment, no longer report job and salary
information to us. Therefore, the chart above reflects conservative measures of the jobs impacted by QNBV
investments.
Carmine J. Durham,
President and CEO,
ZurexPharma, Inc.
Job Growth, Participating Companies
1500
1125
750
375
0
2005
2006
2007
2008
2009
Participating Companies
page
4
2010
Jobs
“These are critical first
steps for early stage
innovations that then
lead to larger angel and
institutional investments
needed to grow companies,
create jobs, support the
local economy and drive
revenue for the State.”
2011
“The Act 255 credits
make it much easier
to put a high
growth startup deal
together.”
John Torinus,
Fund Manager &
Angel Investor
credits issued
The amount of Angel and Early Stage Seed Investment Tax Credits available each year is
limited. Since the inception of the program in 2005, the annual limits have been increased
multiple times including in 2011 when they were increased to $20 million in Angel Tax
Credits and $20.5 million in Early Stage Seed Credits annually. There is also an additional
$250,000 in credits available to nanotechnology companies under both the Angel and Early
Stage Seed Tax Credit programs.
In 2007, WEDC was granted the ability to carry forward unused tax credits into the following tax
period. Additionally in 2009 WEDC was granted the ability to transfer the unused tax credits
for use under the JOBS tax credit program. WEDC transferred $3.1 million in unused tax credits
to the JOBS tax credit program in 2009 and $6.8 million in unused credits in 2010.
Angel Tax Credit
2005
$000s
2006
$000s
2007
$000s
2008
$000s
2009
$000s
Initial Credit
$3,000 $3,000 $3,000 $5,500
Allocation
Rollover, Previous
$950
Year
Total Available
$3,000 $3,000 $3,000 $6,450
Credits Verified
$2,990 $2,418 $2,050 $3,093
Balance Available
$10
$582
$950 $3,356
Allocated to JTC
Available for
$950 $3,356
Rollover
2010
$000s
2011
$000s
2012
$000s
$5,500 $6,500 $20,000 $20,000
$3,356 $3,064
$3,194
$16,646
$8,856 $9,565
$5,474 $4,980
$3,382 $4,585
$317 $1,391
$23,195
$6,548
$16,646
-
$36,646
$36,646
-
$3,065
$3,194
$16,646
$36,646
2010
$000s
2011
$000s
2012
$000s
Early Stage Seed Credit (Venture Fund Credit)
2005
$000s
Initial Credit
Allocation
Rollover, Prev.
Year
Total Available
Credits Verified
Balance Available
Allocated to the
JTC
Available for
Rollover
2006
$000s
2007
$000s
2008
$000s
2009
$000s
$3,500 $3,500 $3,500 $6,000 $6,000 $8,000 $20,500
-
-
$2,616
$2,703
$18,581
$3,500 $3,500 $3,500 $6,900 $8,616 $10,616
$126 $1,423 $2,600 $4,284 $3,226 $2,467
$3,374 $2,077
$900 $2,616 $5,390 $8,149
$23,203
$4,622
$18,581
$39,081
$39,081
-
-
-
-
-
-
$900 $2,616
$20,500
-
$2,774
$5,446
-
-
$900 $2,616 $2,616
$2,703
$18,581
$39,081
“Why would we even consider investing out of state when Wisconsin
is willing to be our 25% partner on deals we feel are worthy?”
Thomas M. Shannon, Shamrock Partners, Angel Investor and Serial Entrepreneur
page
5
2011 summary
qualified new
business venture
investments
Wisconsin continued to see strong investment activity in 2011 in the industry
sectors of biotech and information technology. Total financing leveraged is
down from a high of $175 million in 2010. However, the 2010 numbers are
largely driven by two companies that closed large venture capital-backed equity
rounds in 2010. These two companies account for over $85 million in equity in
2010.
Investment by Industry
Industry
Type
Health Tech
Information Technology
Nanotech
Energy
Companies receiving qualifying
investments in 2011
$118,748,808
Total financing leveraged in 2011
Number of
Investments
(Individual)
Biotech
50
Qualified
Investment
(Millions)
Average
Investment
227
$17.6
$77,533
22
$2.9
$131,818
278
$16.7
$60,072
2
$0.1
$50,000
3
$0.1
$33,333
Other
245
$6.3
$25,714
Total
777
$43.7
$56,242
For a list of businesses that received tax credits in 2011, see Appendix B.
Industry Investment, 2011 vs. Annual Average (Millions)
0
5
$17.60
Biotech
$9.40
Health Tech
$2.90
20
“Entrepreneurship is
really important to all of
us. I think it’s the most
important economic engine
that there is in America.”
Tim Keane,
managing director,
Golden Angel Investors
$16.70
$8.10
Nanotech
$0.10
$0.20
Energy
Other
$0.10
$1.20
$6.30
$3.10
2011
6
15
$4.40
IT
page
10
Historical Average
program details
Administered by WEDC, the QNBV program provides tax credits to eligible investors who make cash equity investments in qualified earlystage businesses. If all eligibility requirements are met, investors receive a tax credit of up to 25 percent of the value of the investment made
in the company. The investments incented by this program provide the capital necessary for emerging growth companies to develop new
products and technologies, move products to market and provide high quality jobs in Wisconsin. A company eligible for certification must
meet the following criteria:
▪▪ It is headquartered in Wisconsin.
▪▪ At least 51% of the employees are based in this state.
▪▪ It has fewer than 100 employees.
▪▪ It has been in operation for not more than 10 consecutive years.
▪▪ It has the potential for increasing jobs in this state, or increasing capital investment in this state.
▪▪ It is engaged in, or has committed to engage in, innovation in this state.
▪▪ It is not primarily engaged in real estate development; insurance; banking; lending; lobbying; political consulting; professional services
provided by attorneys, accountants, business consultants, physicians or health care consultants; wholesale or retail trade; leisure; hospitality;
transportation; or construction, except construction of power production plants that derive energy from a renewable resource.
▪▪ At the time it is first certified, it has not received aggregate private equity investment in cash of more than $10 million.
For a list of certified businesses, see Appendix A.
WEDC provides the same tax benefits to certified venture funds investing in QNBV companies. Prior to receiving the tax credit, venture funds
are required to be certified by WEDC. WEDC considers the following when certifying venture funds:
▪▪ The applicant’s experience in the following:
• Managing venture capital funds
• Investing in high growth, early stage businesses
▪▪ The past performance of the following:
• Investment funds managed by the applicant
• Businesses assisted by the applicant
▪▪ The portion of the investment fund’s capital that the fund manager expects to invest in qualified new business ventures
▪▪ Geographic distribution
▪▪ Focus on targeted industries or target group members
▪▪ Ability to access follow−on funding
▪▪ Services provided
▪▪ Commitment to Wisconsin
▪▪ Administrative and management fees
On April 5, 2012, there were several changes made to the program. Those changes are as follows:
▪▪ Certification criteria requiring that the certified company be less than 10 years old, have not received private equity investment of more than
$10 million, and that the company has fewer than 100 employees applies only at the time of initial certification and not during subsequent
recertification periods.
▪▪ Allows for WEDC to impose a financial penalty on any certified business that applies for investor tax credits and relocates out of state within
3 years. A business is considered relocated if more than 51% of its employees, payroll, or headquarters activities are located outside of
Wisconsin. The penalty is calculated as follows:
page
7
▪▪ If relocation occurs less than 12 months following the investment the penalty amount is 100% of the credit claimed.
▪▪ If relocation occurs more than 12 and less than 24 months following the investment the penalty amount is 80% of the credit claimed.
▪▪ If relocation occurs more than 34 months and less than 36 months following the investment the penalty is 60% of the credit claimed.
▪▪ There is a requirement that investors that receive investment tax credits keep the qualifying investment for a minimum of 3 years or repay
the tax credit. The change inserts two exemptions into the language requiring the investment to be kept for a 3 year period. The exemptions
include if the investment becomes worthless as determined by WEDC or if there is a bona fide liquidity event as determined by WEDC within
that time period.
certification
▪▪ A business must be certified as a QNBV by WEDC prior to the initial investment in order to be eligible for investment tax credits.
▪▪ The fund must be certified as a Qualified Venture Fund (QVF) by WEDC prior to the initial investment in order to be eligible for investment
tax credits.
▪▪ Angel investors are required to be accredited investors and must submit documentation to WEDC following the investment.
▪▪ The investment is considered complete upon deposit of the investment into the Qualified Businesses bank account.
▪▪ Investment credits are issued first come, first served and based on the date WEDC receives the completed documentation of the investment
from the QNBV, not based on the date the investment is made by the investor.
▪▪ A tax credit request form must be provided.
▪▪ Investment documentation must be provided.
outlook
Wisconsin’s Act 255 Early Stage Business Investment Program – established in 2005 by the Wisconsin State Legislature and
administered by the Wisconsin Economic Development Corporation (WEDC) – has been recognized as a leading national
program. The Program supports a critical need to drive new business formation in Wisconsin by incenting investments in, and
development of, high-potential opportunities in the state.
While this program has had a dramatic effect in catalyzing additional investments, more pre-VC-stage risk capital is needed to
drive business start-up performance in Wisconsin achieve parity with the region and nation and grow new businesses and jobs
in our state. WEDC will continue to pursue strategies to increase the number of entrepreneurs in the state and access to startup
and early-stage capital. WEDC will also evaluate modifications to the program and the development of additional initiatives that
provide direct investment in startup and early-stage companies.
If you have any questions or comments regarding this report, please contact Chris Schiffner, Technology Investment Manager
for the Division of Entrepreneurship and Innovation, at 608/210-6826, Chris.Schiffner@wedc.org or Lisa Johnson, VP of
Entrepreneurship and Innovation, at 608/210-6828, Lisa.Johnson@wedc.org.
“It’s a simple formula, really. And that’s the beauty of Act 255 –
it directs equity investments to a critical sector of Wisconsin’s
economy, one that will play a large role in creating future jobs:
high growth seed and early stage companies.”
Lisa Johnson, Vice President of Entrepreneurship and Innovation, WEDC
page
8
appendix a
Wisconsin Angel Tax Credit, List of Qualified Businesses
The following businesses have been certified as Qualified Businesses under Wisconsin Statutes § 238.15. This certification solely
means that WEDC has found that each business meets the qualifications specified in Wisconsin Statutes § 238.15 and that each
business is therefore eligible to participate in WEDC’s Early Stage Business Investment Program.
Company Name
Contact
AhR Pharmaceuticals, Inc.
Alpha Universe, LLC
AquaMost, Inc.
Aurizon Ultrasonics
Aurora Spectral Technologies LLC
Aver Informatics
BellBrook Labs, LLC
Jiasheng Song
Alexey G. Zdanovsky
Todd Asmuth
William Raaths
Thomas Mozer
Kurt Brenkus
Robert G. Lowery
Bill-Ray Home Mobility, LLC
BioIonix, Inc.
Blue Planet Strategies, LLC
Caseus Energy, LLC
Cell Line Genetics, Inc.
Centrose LLC
ConjuGon, Inc.
Cytometix
Cytophil, Inc.
Deka Systems, LLC.
DeltaHawk Engines, Inc.
Door 6, Inc.
Dossette, LLC
Dynamis Software Corporation
Echometrix LLC
Elaion Biosciences
Embedtek
Engineered Propulsion Systems, Inc.
Enhancement Medical, LLC
Esker Technologies, LLC
Eso-Technologies, Inc.
Evrisko Systems, LLC
Extend Manufacturing
Flex Biomedical, Inc.
FluGen Inc.
Frozen Codebase LLC
Golf Pipeline
GWC Technologies, Inc.
HarQen, Inc.
Helios USA, LLC
HMA Fire LLC
Horizon Systems & Services, Inc.
HSM, LLC
Idle Free Systems, Inc.
Illumatek, LLC
Imagination Trends
Joseph Vosters
James Tretheway
Patrick James
Alexander Reyter
Roberto Herrera
James Prudent
Steve Watt
Lane Brostrom
Greg Johnson
Rob Gaddis
Dennis Webb
Jeremy Shafton
Kimberly Trygar
Mark Priestaf
Barbara A. Israel
Bill Checovich
Kent Tabor
Michael J. Fuchs
Robert Hofschultz
Bradley M. Rake
Bonnie Reinke
John P. Greene
Chris D. Osswald
Sal Braico
Paul Radspinner
Ben Geisler
Brian Wroblewski
Stephen C. Weibel
Kelly Fitzsimmons
Steven Ostrenga
Thomas Crabb
Bob Agazzi
Hensley Foster
Robert Hopton
John Miller
Lisa Perzborn-Whiting
Location
Telephone
Madison
Madison
Madison
Kimberly
Milwaukee
De Pere
Madison
608/265-9894 x3133
608/661-0861
608/204-8860
920/731-5777
608/712-2172
920-309-6020
608/443-2401
Certification
Date
10/16/07
9/21/06
12/14/09
7/9/09
10/4/10
10/6/11
2/18/05
Appleton
Mc Farland
Madison
Stratford
Madison
Madison
Madison
Brookfield
East Troy
Sun Prairie
Racine
Madison
Pleasant Prairie
Franklin
Madison
Madison
Hartland
New Richmond
Wauwatosa
Milwaukee
Middleton
Eau Claire
Schofield
Madison
Madison
Green Bay
Menomonee
Madison
Milwaukee
Milwaukee
Middleton
Sheboygan
Milwaukee
Watertown
Wales
De Forest
920/915-8433
608/255-8824
608-334-4824
(310) 235-1492
608/441-8161
608/209-8933
608/441-2890
414/745-8000
414/961-7372
608-443-7372
262-634-9660
262/293-6676
(262) 705-4494
877/511-7944
608/217-2685
608-334-1778
262/367-3900
715-803-4290
414-349-3976
414/578-9566
262-966-3398
715/874-4684
715/359-3002
608/213/8246
608/658-6095
414-350-9401
414-899-4100
608/441-2722
414-755-1962
907/292-7855
608/827-5000
920/803-8000
414/236-4183
920/206-9333
414-313-4569
608/850-6277
5/12/10
5/10/05
11/15/10
2/9/12
11/17/08
5/16/07
3/11/05
12/14/09
8/11/11
2/8/12
9/13/06
6/22/11
10/6/11
10/3/11
8/20/07
3/14/12
5/12/10
5/24/10
1/12/12
5/5/05
10/13/08
5/18/09
8/26/09
2/2/09
11/12/07
11/9/11
4/1/12
5/5/05
7/22/09
12/22/09
1/25/11
1/6/06
5/23/11
10/20/08
8/16/10
page
9
appendix a, continued
Company Name
page
Contact
Imaging Biometrics
InControl Medical, LLC
Innosoft
Invenra Inc
Invivo Sciences, LLC
ioGenetics, LLC
Kenergy, Inc.
Keystone Insights, LLC
Michael Schmainda
Buzz Peddicord
Thomas Culver
Roland Green
Ayla Annac
Jane Homan
Stephen Denker
David Noshay
Liveyearbook, Inc.
Lucigen Corporation
Lumen Healthcare, Inc.
Marvel Medtech, LLC
Medical Cyberworlds, Inc.
Medical Engineering Innovations, Inc.
MedTrak
Microscopy Innovations, LLC
Montage Talent, Inc.
Morgan Aircraft, LLC
Murfie, Inc.
NanoMedex Pharmaceuticals, Inc.
NCD Technologies
NeuroGenomeX, Inc.
NeuWave Medical, Inc.
New River Technologies, LLC
Northstar Medical Radioisotopes, LLC
NovaScan LLC
NovaShield, Inc.
Odyne Systems, LLC
Okanjo Partners, Inc.
oneEvent Technologies Inc.
Pabst Engineering & Manufacturing, Inc.
PDM Solar, Inc.
PerBlue, Inc.
Perscitus Biosciences, LLC
Phoenix Nuclear Labs
Phyllotech, LLC
Pilot Training Solutions LLC
Pinpoint Softwares, Inc.
PlantPharm Biomed, Ltd.
Platypus Technologies, LLC
ProCertus BioPharm, Inc.
Procubed, LLC
Promentis Pharmaceuticals, Inc.
Quincy Bioscience Holding Company, Inc.
Quintessence Biosciences, Inc.
Quter
Rapid Diagnostek, Inc.
Reciprocal Labs Corporation
Renewegy, LLC
Todd DeNoyer
David A. Mead
Brian Curry
Raymond D. Harter
Frederick William Kron
James Will
Steve Hushek
Mark Nelson
Michael J. Bonk
Mark O'Halloran
Matthew Younkle
David L. Cooper
Bob Shimmel
Jacqueline Doeler
Laura King
Ted Kanavas
George P. Messina
Bill Gregory
Praveen Sinha
Joseph Dalum
Henk Vlietstra
Shawn Guse
Kirby Pabst
David Baker
Justin Beck
James Thomas
Greg Piefer
Ryan W. Shepherd
Chris Johnson
Andrew Hoeft
Bob Britt
Barbara A. Israel
Todd Argall
Jim Maerzke
Daniel G. Lawton
Michael Beaman
Ralph Kauten
Todd Wray
Harry Norris
David Van Sickle
Jeff Ehlers
10
Location
Telephone
Elm Grove
Brookfield
Cleveland
Madison
Madison
Madison
Thiensville
Menomonee
Falls
Neenah
Middleton
Pewaukee
Madison
Verona
Madison
Milwaukee
Marshfield
Delafield
Oostburg
Madison
Middleton
Madison
Madison
Madison
Grafton
Madison
Milwaukee
Madison
Waukesha
Milwaukee
Mount Horeb
Onalaska
Wausau
Waunakee
Madison
Middleton
Madison
Middleton
Onalaska
Delavan
Madison
Madison
Kenosha
Milwaukee
Madison
Madison
Neenah
Hudson
Madison
Oshkosh
262-439-8252
(262) 373-0422
(920) 207-4977
(608) 358-4273
(608) 713-0149
608/310-9540
(414) 405-5800
262-437-7389
Certification
Date
4/11/12
6/18/12
11/9/11
1/25/12
11/1/05
3/22/05
4/18/06
4/25/12
920/277-4049
608/831-9011
414-232-1325
608/310-9560
608/829-0049
608/310-9556
(414) 731-7150
715/387-8897
262/264-0662
312-865-1000
608/234-5015
(608) 826-7367
(608) 622-7996
608/335-7329
608/213-4553
262/391-6834
608-316-6980
262/893-7165
608/833-2610
262-544-8405
(414) 810-1760
(608) 320-0675
608/781-0861
715-574-4920
608/712-9449
608/213-9646
608/826-4267
510/209-1367
(563) 249-4315
608-797-4435
262/728-8815
608/237-1270
608/469-5371
262/654-5602
262/302-9039
877/677-8652
608/441-2951
(920) 886-8275
651/604-4204
(608) 251-0470
877-424-4632X201
6/1/10
1/19/05
12/14/09
2/7/05
8/20/07
1/12/11
11/4/11
11/22/10
4/19/10
7/2/07
8/2/10
7/22/08
8/31/09
3/21/06
1/19/11
4/1/12
6/28/05
2/17/06
11/1/10
9/9/11
12/22/11
9/2/08
7/24/06
7/28/10
5/28/08
6/3/08
4/6/10
11/23/11
2/2/12
2/20/08
1/19/05
1/16/07
11/8/10
11/3/08
3/30/05
1/28/05
10/29/07
6/9/11
5/23/11
appendix a, continued
Company Name
Renwig Custom, LLC
Riva Solutions, LLC
Semba Biosciences, Inc.
Shamrock Energy Corporation
Shindigs
SHINE Medical Technologies, Inc.
Shoutlet, Inc.
Silatronix Inc
Sirkpath, Inc.
Smoke-Break, LLC
SnowShoeFood, Inc.
SoLoMo Identity, LLC
Somna Therapeutics
Sonoplot, Inc.
SpeechTails, Inc
Stablebody Technologies, LLC
Stealth Therapeutics, Inc.
Stemina Biomarker Discovery, Inc.
StrandVision, LLC
Stratatech Corporation
StudyBlue, Inc.
Super D
Surgical Site Solutions, Inc.
Swallow Solutions, LLC
Tascet, Inc.
TermSync, Inc.
TrafficCast International, Inc.
Transthermal LLC
U.S. Pride Products, LLC
U.S. Trail Maps, Inc.
Vatrix Medical, Inc.
Vibetech, Inc.
Virent, Inc.
Wellsys, LLC
WholeTrees, LLC
Xela Innovation, LLC
Xolve, Inc.
Zurex Pharma, Inc.
Zurex PharmAgra, LLC
Contact
Location
Telephone
Brennon Garthwait
Mohammed Hashim-Waris
Robert Mierendorf
Charles Gibson
Brendon Thomas
Greg Piefer
Jason Weaver
Mark Zager
Mark D. Westfall
Brett Roth
Claus Moberg
Liz Eversoll
Nick Maris
Glen Donald
Amy Reno
Joseph Firca
Brad Glenn
Elizabeth L. R. Donley
Mike Strand
Lynn Allen-Hoffmann,
Ph.D,
Rebecca Splitt
Ted Schwarzrock
James Kregel
JoAnne Robbins
Larry Aubol
Mark Wilson
Jing (Connie) Li
Troy Livingston
Charles VanDusartz
Dean Forss
Matthew Ogle
Jeff Leismer
Lee Edwards
Richard Brown
Amelia Baxter
Todd Muderlak
John Biondi
Carmine J. Durham
Carmine J Durham
Whitewater
Madison
Madison
Oshkosh
Milwaukee
Middleton
Madison
Madison
Neenah
Milwaukee
Madison
Madison
Mequon
Middleton
Elm Grove
Madison
Madison
Madison
Menomonie
Madison
920-675-6758
608/222-3344
608/441-8009
920/851-2312
414-469-7437
(608) 831-0814
608/833-0088
414/840-9666
920/428-0929
800/372-8332
(608) 807-7569
(608) 220-1900
262-388-1186
608/824-9311
(414) 659-5482
608/698-8445
920/429-9006
608-831-3592
715/833-9501
608/441-2750
Certification
Date
4/19/12
3/8/10
6/30/05
11/22/10
2/22/12
12/13/10
10/27/10
3/12/08
3/1/05
4/5/11
12/28/11
4/11/12
4/16/12
1/23/08
6/8/12
7/22/10
11/27/07
4/16/07
11/22/05
3/26/07
Madison
Eau Claire
Sheboygan
Madison
Madison
Madison
Madison
Conover
Hammond
Wausau
Madison
Sheboygan
Madison
Madison
Stoddard
Glendale
Middleton
Middleton
Middleton
(608) 441-1149
612-710-1489
920/494-4786
608/231-3868
608-442-8888
608/316-8380
608/268-3911
708-370-2700
715-246-9237
715/ 845-777 x3
952/224-5797
920/287-1930
608/663-0228
608-663-7100
(608) 452-3894
414/272-3983
(608) 203-8362
(608) 203-9090
(608) 203-9090
4/15/09
3/6/12
7/6/10
8/18/08
9/20/05
8/2/10
6/20/06
8/9/10
6/28/05
11/23/09
4/1/10
1/7/05
11/8/10
6/18/12
12/14/09
8/16/10
7/12/10
3/8/11
page
11
appendix b
Wisconsin Angel Tax Credit, List of Credits Issued
The following businesses received investments in 2011 that qualified under WEDC’s Early Stage Business Investment Program
under Wisconsin Statutes § 238.15. Issuance of these certificates solely means that WEDC has found that the investment meets
the qualifications specified in statute and that the qualified investor or qualified fund’s investor is being awarded tax credits under
WEDC’s Investment Tax Credit Program.
Certified Company
Alice.com
Angel Investment Amount (1)
$721,521
$2,886,083
$686,693
$2,746,773
Aurizon Ultrasonics
$12,500
$50,000
Aurora Spectral
$158,125
$632,500
AquaMOST, LLC
Aver Informatics, Inc.
$218,750
$875,000
Brazen Careerist, Inc.
$111,250
$445,000
$1,000,000
$1,086,668
Cytophil, Inc.
$87,750
$351,000
Dimensional Technology
$25,964
$103,856
$15,625
$62,500
Engineered Propulsion
$135,673
$542,690
Esker Technologies, LLC
$87,500
$350,000
Eso-Technologies, Inc.
$41,448
Cellular Dynamics International
Door 6, Inc.
ESS Investment Amount (2)
$2,913,332
$165,792
FluGen Inc.
$714,072
$465,100
$2,391,189
Frozen Codebase LLC
$95,000
$40,000
$340,000
$309,800
$717,915
$521,284
HarQen, Inc.
HSM, LLC
$50,200
$200,800
Imagination Trends
$106,250
$425,000
Liveyearbook, Inc.
$346,250
$1,385,000
Montage Talent, Inc.
$741,128
$1,164,510
Morgan Aircraft, LLC
$29,167
$116,667
$1,004
$4,016
Nanomedex Pharmaceuticals
NeoClone Biotechnology
$1,800,000
$12,500
$50,000
Networked Insights
$294,615
$543,461
$635,000
NeuWave Medical, Inc.
$878,763
$2,270,522
$1,244,528
New River Technologies
$39,460
NovaScan LLC
$75,000
$300,000
NovaShield, Inc.
$102,500
$410,000
Okanjo Partners, Inc.
$375,000
$1,500,000
$16,725
$66,900
$192,500
$70,000
PDM Solar, Inc.
ProCertus BioPharm,
Quincy Bioscience
page
Tax Credit
12
$59,750
$157,840
$700,000
$239,000
appendix b continued
Certified Company
Quintessence
Quter, Inc.
Tax Credit
Angel Investment Amount (1)
$275,584
$1,102,334
$2,500
$10,000
Rapid Diagnostek, Inc.
$25,000
Ratio Inc.
$12,500
$50,000
$167,500
$670,000
$1,320,919
$1,383,676
Reciprocal Labs Corporation
SHINE Medical
$100,000
Shoutlet, Inc.
$125,000
Silatronix, Inc.
$539,503
Stealth Therapeutics
$90,625
Stemina Biomarker
$62,500
$250,000
Stratatech Corporation
$31,250
$125,000
Surgical Site Solutions,
$14,000
$56,000
$208,000
$832,000
$51,250
$205,000
Tascet, Inc.
TermSync, Inc.
TrafficCast International,
ESS Investment Amount (2)
$3,900,000
$500,000
$1,157,997
$1,000,016
$362,500
$297,866
$150,000
Xolve, Inc.
$11,250
$45,000
Zurex Pharma, Inc.
$67,500
$270,000
Zurex PharmAgra, LLC
$131,250
$50,000
$1,041,465
$475,000
(1) Investment amounts do not reflect the total amount invested in the company, only the amount received in tax credits.
(2) ESS Tax Credits – Early Stage Seed Investment Tax Credit commonly called the Venture Fund Credits
page
13
Governor Scott Walker chairs the
WEDC Board of Directors composed
of state legislators, departmental secretaries and private business owners.
The 13-member Board of Directors
provides WEDC with strategic leadership and operational oversight representing statewide public and private
economic development interests.
Officers
Chair
Scott Walker
Governor
State of Wisconsin
Vice-Chair
Dan Ariens
President and CEO
Ariens Company
Treasurer
Scott Klug
Managing Director of Public Affairs
Foley and Lardner
wedc.org | 608 210 6701 | 201 W. Washington Ave, Madison, WI 53703
Secretary
Lisa Mauer
President
Tool Service Corporation
Members
Rep. Peter Barca
64th Assembly District
Raymond Dreger
CEO/President
Seeds and Stuff Market Inc.
Corey Hoze
Senior Vice President
Associated Banc-Corp.
Sen. Julie Lassa
24th Senate District
Paul Radspinner
President and Chief Executive Officer
FluGen, Inc.
C. Thomas Sylke
Owner and Principal
Sylke Law Offices, LLC
Don Weber
Founder and CEO
Logistics Health Inc
Rep. Mary Williams
87th Assembly District
Learn more about the WEDC’s Divison of
Entrepreneurship and Innovation at wedc.org
Sen. Rich Zipperer
33rd Senate District