ConsortiEX Inc. Receives State Incentives To Expand Operations In Milwaukee, Wisconsin
As an incentive, the firm received a $250,000 loan from the Wisconsin Economic Development Corporation. The WEDC Technology Development Loan will be used to help it ramp up product deployment and increase sales, an effort that could create up to 77 new jobs over the next three years, according to state economic development officials . ConsortiEX already is working with several Wisconsin hospitals and a number of other renowned health-care providers across the U.S.
WEDC also granted the company Qualified New Business Venture certification, which makes investors in startup and early-stage companies eligible for a 25 percent tax credit on the amount they invest in the business.
“WEDC is pleased that ConsortiEX is able to utilize two of our invest programs to help the company get off the ground,” said Reed Hall, secretary/CEO of WEDC, the state’s lead economic development organization. “This is a great example of how the state, the private sector and the health-care community are working together to address a serious issue.”
“The state of Wisconsin and Governor Walker’s administration are to be commended for creating a business environment that attracts innovation and enterprise,” said Neal Long, ConsortiEX Founder/CEO. “We’re really looking forward to launching and growing in Wisconsin.”
ConsortiEX was founded in May 2013 in response to a request from the University of Wisconsin Health System’s Pharmacy Department to develop a way to safely distribute sterile injectable compound pharmaceuticals to other hospitals throughout the state. ConsortiEX’s software is expected to improve patient safety, reduce costs and increase the available supply of compounded pharmaceuticals.
“Our administration has laid the groundwork to attract high-tech life science firms like ConsortiEX to Wisconsin,” said Lt. Gov. Rebecca Kleefisch, who met with company officials this week in Madison. “Not only does ConsortiEX have the potential to improve access to life-saving medications, but also to help lower health-care costs and create dozens of family-supporting jobs in the Milwaukee area.”
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