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Wisconsin Clinical Research Company Receives $850,000 In Tax Incentives To Assist With Expansion

Spaulding Clinical Research, a clinical research developer and manufacturer of specialized cardiac testing equipment that provides drug studies and medical data to pharmaceutical companies, will receive $850,000 in tax credits through the Wisconsin Economic Development Corporation to help the firm expand its reach in the medical marketplace. The city of West Bend, Wisconsin, and Washington County will also provide a joint package of funding assistance.

The project is expected to create up to 183 jobs, Wisconsin Governor Scott Walker said. The tax credits will be distributed annually in direct relation to the number of new, full-time positions created and filled over a two-year period. The employees who will be hired as a result of the tax credits will vary from skilled professionals in the medical industry to sales staff.

Spaulding Clinical Research is making a significant investment into development of its specialized equipment that will establish the firm as a state-of-the art Cardiac Core Lab. The firm's founder, Randy Spaulding, created the Spaulding iQ Electrocardiograph, and is expanding its availability into various medical market.

Spaulding's iQTM Electrocardiograph, is a hand-held, mobile device designed for large global pharmaceutical clinical studies where cardiac safety assessments are required. This technology weighs only 3 ounces, records up to 5 minutes of ECG data compared to just 10 seconds from competitive products. It also uses voice biometrics to identify the patient. "We are blessed to have a creative, dedicated and expert workforce at Spaulding Clinical and look forward to executing our growth plans which will provide more opportunities for quality jobs in Wisconsin," states Randy Spaulding.

"This investment by Spaulding reinforces Wisconsin as one of the leading states in the country in medical innovation," Governor Walker said. "I am pleased to announce this support for Spaulding for the creation of quality jobs for Wisconsin workers."

Spaulding Clinical received assistance from Economic Development Washington County in applying for WEDC tax credits. "We are a great example of the important role economic development plays to support small business growth and job creation. Our ability to move forward with our plans and deliver in a narrow market window is critical for us," Spaulding explained. "The support from EDWC in coordination with WEDC allowed me to keep my focus on the business, which is so important to achieving our goals."

Christian Tscheschlok, Executive Director of EDWC, said support of Spaulding Clinical's project has been a priority because it represents such a strong fit with EDWC's focused strategy to fuel quality jobs and wealth. "Medical-technology is not just a buzz word for Washington County. It represents an emerging industry with globally recognized companies growing right here, which is why EDWC not only collaborated with Spaulding and the State to secure State tax credits, but is also partnering with the city of West Bend to develop new financial tools to further accelerate Spaulding's growth and success."

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