A new company using stem cell technology is getting financial backing from the state. $1 million in loans and grants from the state will help Stem Cell Products, Incorporated get off the ground in Madison. Vice-President Nick Seay says the company plans to develop blood products, such as platelets. Seay says the company hopes to eventually market the technology to the US military, since blood supplies are often in high demand for battle zones. Stem Cell pioneer James Thomson is also a co-founder of the company.
The financial incentives are part of a program from Governor Jim Doyle, aimed at developing commercial applications from stem cell technology. Doyle earlier this year created the $5 million dollar incentive program to help Wisconsin attract companies using stem cell technology. The governor says Wisconsin needs to continue looking for opportunities for the state to partner with emerging companies.