Minneapolis Based MedTech SubioMed™ Start-Up Gains Certification as a Minnesota Angel Tax Credit Company
MINNEAPOLIS, July 19, 2019 (GLOBE NEWSWIRE) -- SubioMed, Inc. (“SubioMed” or the “Company”), a pioneer in the invention and development of biomechanics technology addressing critical elements of gait and balance, today announced that it has gained certification as an Angel Tax Credit Company for the state of Minnesota.
Patrick Kullmann, CEO of SubioMed, stated, "The Minnesota Angel Tax Credit is a very useful and mutually beneficial program for both the targeted start-up company and qualified investors. It provides an important capital source for the company and provides a 25% tax credit to the investor, everyone wins."
Minnesota's Angel Tax Credit provides a 25-percent credit to investors or investment funds that make equity investments in approved startup companies focused on high technology, new proprietary technology, or a new proprietary product, process or service in specified fields. The maximum credit is $125,000 per person, per year ($250,000 if filing jointly). The credit is refundable. Residents of other states and foreign countries are eligible.
$10 million in credits are available, $5 million of which is reserved for minority- and women-owned businesses, as well as businesses located in Greater Minnesota until 9/30/19, at which time any unused reserved credits become available for investment in any qualified business. The state of Minnesota is currently accepting 2019 certification applications. Additional information can be found at: https://mn.gov/deed/business/financing-business/tax-credits/angel-tax-credit/
Physical issues surrounding biomechanics of the lower extremities are a leading cause of morbidity and mortality effecting millions of patients worldwide. SubioMed intends to address this problem by commercializing technology invented by Dr. Barry Butler. Dr. Butler has been in practice 28 years and is board certified by the American Board of Podiatric Surgery (ABPS) and a Fellow of the American College of Foot and Ankle Surgeons (FACFAS).
For more information on SubioMed, please visit our website at www.SubioMed.com.
SubioMed intends to be a pioneer in the invention and development of biomechanics technology addressing gait and balance. Biomechanics is the study of the mechanics of the living body, especially of the forces exerted by muscles and gravity on the skeletal structure.
Chief Executive Officer
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