InfraReDx to receive $862,000 as part of MLSC Tax Incentive Program

InfraReDx, Inc., a medical device company developing intelligent cardiovascular diagnostic imaging technologies, today announced that it has been selected to receive an award of nearly $862,000 as part of the Massachusetts Life Sciences Center (MLSC) Tax Incentive Program. In conjunction with the award, InfraReDx has committed to create 32 new jobs during 2011.  

The Life Sciences Tax Incentive Program was established in 2008 as part of the state's 10-year, $1 billion Life Sciences Initiative. The program authorizes up to $25 million in tax incentives each year to expand life sciences-related employment opportunities, promote health-related innovations, and stimulate research and development, manufacturing and commercialization in the life sciences. The primary goal of the program is to incentivize life sciences companies to create new long-term jobs in Massachusetts.

"We are very pleased to be a recipient of these incentive funds for the second year in a row," said James E. Muller, M.D., founder and chief executive officer of InfraReDx. "There is an excellent fit between the goals of the Massachusetts Life Sciences Center and the stage of development that InfraReDx has reached. The MLSC seeks to expand life sciences-related jobs in Massachusetts; InfraReDx is a medical device company that has thrived because of the life sciences expertise concentrated in Massachusetts. The company has developed the LipiScan™ IVUS combination coronary catheter that uses both light and sound (near-infrared spectroscopy and intra-coronary ultrasound) to identify the fatty plaques that cause complications during stenting and are associated with heart attacks occurring in the community. We continue to hire life science workers to build additional systems and catheters to satisfy the rapidly growing demand for the product coming from hospitals throughout the world."

This year, the MLSC has named a total of $23.9 million in tax incentives for 30 life sciences companies.  The companies receiving the awards – typically late-stage life science companies transitioning from research and development to commercialization and manufacturing – have committed to creating nearly 1,000 new jobs in the Commonwealth over the coming year.