Wisconsin Recent News – Swanson Reed | Specialist R&D Tax Advisors

Rivermark Medical Brings in $30M in Series C Funding

Rivermark Medical, a Milwaukee startup, has secured $30 million in Series C funding. The round was led by American Century Investments and included participation from Venture Investors Health Fund, Time BioVentures, and an unnamed strategic investor, with follow-on participation from existing investors View Ventures, Cadence Healthcare Ventures, and Anduril Investors LLC.

The clinical research startup plans to use the funds to continue their clinical development efforts, specifically for their flagship product – FloStent™ System. FloStent is a minimally invasive treatment option for Benign Prostatic Hyperplasia (BPH). With minimal invasion, a patient can have restored urinary function with a reduced recovery time.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Understory Secures $15M for Climate-Resilient Renewable Energy Solutions

Understory, a leading provider of insurance solutions against severe weather losses, has recently raised $15 million in a Series A funding round led by True Ventures and Prelude Ventures, along with other undisclosed investors. This significant investment will support the company’s expansion into the renewable energy sector, highlighting its innovative approach to weather risk mitigation.

Founded in 2014 by Alex Kubicek and Brian Down, Understory has revolutionized weather tracking and forecasting with its ground-level weather stations, known as Dots. These cutting-edge stations measure various weather parameters 125,000 times per second, providing detailed and accurate ground-level data. This technology has been instrumental in building comprehensive catastrophe models and developing parametric insurance offerings.

Understory’s global network of weather stations empowers sophisticated weather risk models by combining mutualized, optimized risk structures with precision weather technology. The company has already made a significant impact with its Dealers Open Lot insurance solution, which protects U.S. auto dealers from severe weather damage. This product has safeguarded dealer inventories across nearly 1,000 locations, reducing weather damage costs by over $65 million and overall claim trends by 60%.

With the new funding, Understory is set to launch a product tailored for the renewable energy sector. This innovative solution aims to help solar farms mitigate weather-related risks, such as hail damage. By predicting weather events up to 45 minutes in advance, the technology allows operators to take preemptive measures, significantly reducing repair costs.

Understory’s CEO, Alex Kubicek, emphasized the potential of their technology to transform the solar industry by minimizing severe weather impacts. The firm’s rapid growth, marked by a 500% year-on-year increase, underscores its crucial role in providing effective weather risk management solutions.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Empowering the Future: Volatus Infrastructure & Energy Solutions’ Pioneering Research and Development

Volatus Infrastructure & Energy Solutions has announced the launch of their Series A investment campaign. Their intention is to make waves and revolutionize the electric mobility ecosystem.

Volatus is one of the world’s leading firms in vehicle-agnostic eVTOL (electric Vertical Takeoff and Landing) aviation landing infrastructure. They’re the architects of vertiports, the vital hubs for the electric aviation revolution. Imagine a network of these vertiports enabling air mobility, reducing traffic congestion, and revolutionizing urban transportation.

The funding round offers investors an exclusive opportunity to become an essential part of VI&E Solutions’ story and the electric vertical take-off and landing (eVTOL) industry.

Their commitment to vehicle-agnostic infrastructure ensures that various eVTOL aircraft can seamlessly integrate, promoting inclusivity and expanding the horizons of electric aviation. Research and development in this space are crucial for fostering innovation and accelerating the adoption of electric air mobility.

They’re also a universal, multi-modal electric charging and off-grid energy generation provider. Their research and development endeavors span across the entire electric mobility ecosystem. From designing efficient charging stations for electric vehicles to pioneering off-grid energy solutions, Volatus is driving change.

As they launch their investment campaign, it’s a testament to their dedication to research and development. These investments will fuel their mission to transform transportation and energy, ultimately shaping a more sustainable and interconnected world.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Cedar Grove Cheese Awarded Dairy Processor Grant

Cedar Grove Cheese Inc., a traditional and specialty cheese producer, has been granted funding from the Wisconsin Department of Agriculture, Trade and Consumer Protection’s (DATCP) Dairy Processor Grant.

A total of 38 applicants submitted grant proposals to the Department with projects ranging from cheesemaker training to cybersecurity. The grant is intended to fund and support innovation to improve profitability and sustain the long-term viability of Wisconsin’s dairy processing facilities. Of the 28 applicants, 21 companies were selected.

A total of $400,000 was available for this year’s grants, with a maximum of $50,000 per project. Grant recipients are required to provide a match of at least 20 percent of the grant amount. DATCP received 38 grant requests totaling more than $1.5 million.

Founded in 1878, Cedar Grove Cheese has been providing Wisconsin with specialty cheeses for over a century. In December 1993, the company became the first in the country to assure its customers that all of their products were rBGH-free, which means there were no synthetic growth hormones involved. Shortly after, in 2001, the company decided all its products would be made exclusively with non-genetically modified organisms (GMOs). The company has continuously committed to R&D and innovation, ensuring they are leading the industry in traditional and specialty cheese production.

The other Dairy Processor Grant recipients and their planned projects are:

Chalet Cheese Cooperative, Monroe ‒ Create a marketing development plan.
Eau Galle Cheese Factory LLC, Durand ‒ Invest in a wastewater treatment plant.
Family Dairies USA, Madison ‒ Conduct a feasibility study for the ownership of a conversion facility.
Harmony Cheese LLC, Stratford ‒ Make processing improvements.
Klondike Cheese Co., Monroe ‒Invest in cybersecurity for cheese plants.
Landmark Creamery LLC, Paoli ‒ Invest in expansion and modernization.
Marieke House of Gouda LLC, Eau Claire ‒Invest and model for distance retail and remote sales.
Nasonville Dairy Inc., Marshfield ‒ Facilitate expansion and audit assistance.
Roelli Cheese Co. Inc., Shullsburg ‒ Invest in cheesemaker training and expansion.
Rosewood Dairy, Sturgeon Bay ‒ Fund installation of a wastewater tank.
Terry Woods LTD, Walworth ‒ Purchase comprehensive responsive software package.
Safety Fresh Foods LLC, Plymouth ‒ Invest in waste reduction and innovation.
Scoops Ice Cream, Chilton ‒ Invest in expansion and modernization.
Uplands Cheese, Dodgeville ‒ Develop new cheese plant engineering.
V&V Supremo, Browntown ‒ Invest in a plant modernization project.
Weber’s Farm Store, Marshfield ‒ Invest in flavor labels and expansion.
Westby Cooperative Creamery, Westby ‒ Develop packaging redesign.
Widmer’s Cheese Cellars Inc., Theresa ‒ Invest in plant modernization.
Winona Foods, Inc., Green Bay ‒ Invest in a leak detection system.
Wisconsin Whey Protein, Turtle Lake ‒ Complete dryer modification project at Turtle Lake plant.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more,

please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Purnovate Collaborates with Medical College of Wisconsin

Purnovate, Inc. – a subsidiary of Adial Pharmaceuticals, Inc. – has announced their collaboration with the Medical College of Wisconsin, a leading medical school, and Dr. John Auchampach, PhD, Professor and Vice Chair of the Department of Pharmacology and Toxicology. The collaboration aims to further evaluate the Company’s proprietary adenosine analogs as potential treatments for diabetes and non-alcoholic steatohepatitis (NASH).

The company is focused on developing novel molecules to target the adenosine receptors for the treatment of major unmet medical needs. Under the new agreement, Dr. Auchampach and his team will test Purnovate’s adenosine compounds in preclinical models.

Dr. Julien Dimastromatteo, Purnovate’s Vice President, Research, commented, “We are honored to partner with the Medical College of Wisconsin and Dr. Auchampach, a leading researcher in the field of adenosine, purinergic pharmacology and G-Protein-Coupled receptors. Adenosine analogs have been studied extensively by Dr. Auchampach and others, demonstrating tremendous promise in animal models. However poor biodistribution of historical compounds, likely due to poor solubility, has limited their usefulness as human therapies. Our Purnovate adenosine analog compounds were specifically designed to overcome these solubility and biodistribution challenges, with strong supporting data thus far. As a result, we are encouraged by the therapeutic potential of these compounds and will work to rapidly identify a lead compound to bring forward as a drug candidate.”

The adenosine compounds are meant to provide a safe, oral therapy option to reduce overall body mass and liver fat content while restoring healthier glucose levels. The company believes their compounds could hold significant potential as an alternative therapy for diabetics, pre-diabetics, and overweight individuals.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Scientists Find Potential Non Hormonal Treatment for Endometriosis

Researchers at the University of Wisconsin, Baylor College of Medicine, Bayer AG, and the University of Oxford have discovered an alternative therapeutic option for the treatment of painful endometriosis without using surgery or hormones. Following a genetic study, these scientists have found a promising new non-hormonal target they intend to further investigate. It seems this target may allow treatment to address the inflammatory and pain components of the disease.

They designed and conducted genetic analyses on humans and rhesus macaques – two species which have spontaneously developed endometriosis – and uncovered the gene NPSR1 (neuropeptide S receptor 1) associated with the disease.

The endometrium is the inner lining of the uterine wall that builds up and sheds periodically during the reproductive lifespan in women. In women suffering from endometriosis, endometrium-like tissue grows outside the uterus leading to inflammation, intense abdominal pain usually associated with menstrual periods, and infertility.

Although the molecular causes of endometriosis are not known, heritability is estimated at about 50% indicating a strong genetic component. Current treatment options are hormone therapy and surgery with a dire need for non-hormonal therapeutics.

The scientists have worked towards therapeutic efficacy by inhibiting NPSR1 in mouse models. Inhibition was achieved using the small molecular inhibitor SHA 68R, and saw a successful reduction of abnormal infiltration of the endometrial tissue outside the uterus. If corroborated in nonhuman primate and human trials, this may lead to a non hormonal drug for endometriosis.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Nano RED Receives Phase 1 SBIR Award

Nano RED is a biotechnology startup which exists to bring the nanotechnology revolution to medicine. In the face of the COVID-19 pandemic, they began development of precision medicine platforms to aid in treatment of respiratory viral illnesses. Their platform targets key elements that are present across all variants of the virus.

Nano RED has since received a Phase 1 Small Business Innovation Research award from the National Science Foundation for this work.

Nano RED beat out four other finalists, two of which are also in the healthcare space. As winners of the contest, co-founders Gang Xin, Karthika Divakaran, and Dr. Jonathan Ebben have earned a spot in the upcoming meeting with Silicon Valley investors this fall. Pressure Chamber participants have gone on to collectively raise more than $500 million from investors.

Their platform can shield the immunocompromised and most vulnerable, be deployed rapidly, and can be iterated to prevent and treat emerging respiratory viruses. They are also developing a second, complementary cancer immunotherapy platform to help physicians to release therapies directly into tumors and the tumor microenvironment.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Revive Therapeutics Teams Up with UHSA in Psychedelics

Pennsylvania Patent of the Month - May 2021

Revive Therapeutics Ltd. has announced their agreement with the University of Health Sciences Antigua to collaborate on taking Revive’s novel psychedelic-assisted therapies into clinical research.

Revive Therapeutics has been conducting research at the University of Wisconsin-Madison focused on psychedelic therapeutics. They initially focused on therapeutics for infectious diseases and rare disorders and the development of FDA approved drugs. Their interest in psilocybin-based therapeutics applies to a range of diseases and disorders combined with their novel and patented drug delivery methods could allow delivery of psychedelics in an oral thin film patch and topical forms.

This collaboration will focus on:

Development of a psychedelic treatment center using Revive’s novel formulations and delivery forms of psychedelics, including its proprietary psilocybin oral-thin film product to treat mental health and substance abuse disorders
Conduct clinical studies to support regulatory drug approvals in the Caribbean dn to accelerate US FDA clinical developments
Establish a Master’s in Psychedelic Medicine to allow students the opportunity to expand their knowledge of the field

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Mercury Marine Scoops the “Wisconsin Manufacturer of the Year” Award

They are the Oscars of the manufacturing industry. The Wisconsin Manufacturer of the Year Awards Ceremony was held on February 21, 2019, at the Pfister Hotel in Milwaukee, and Mercury Marine (the world leader in marine propulsion and technology) was awarded as 2019’s Wisconsin Manufacturer of the Year in the Mega category.

This is the third time Mercury Marine (which is also the largest division of Brunswick Corporation) has won the prestigious award: first in 2006 then again in 2014. It also so happens that the Fond du Lac-based firm is celebrating its 80th anniversary in 2019.

For those not acquainted with the awards, they are presented once a year by Wisconsin Manufacturers and Commerce (WMC) to companies based in the state. All nominees of the awards should be firms that produce world-class products and create employment for people in communities where they (the companies) are located.

“We are honored to win the Wisconsin Manufacturer of the Year Award for the third time,” said John Pfeifer, the President of Mercury Marine. “We have invested more than $1 billion in expansion and R&D over the past 10 years and in 2018, we had the largest product launch in the history of our company,” he added.

Below is an enumeration of milestones Mercury Marine achieved in 2018.

Broke ground on completing a $10 million expansion project that added a 20,000 square feet research facility to the 2.5 million square foot campus. The firm also made major upgrades to its other facilities.
Had the largest, major new-product rollout in the company’s history. The rollout included 19 new V-6 and V-8 outboard engines and 7 other new engines. Better yet, on average, Marine Mercury has released a major product every six weeks for the last six years, allowing it to set the pace for marine innovation.
Workforce expanded by 12 percent to support increased production. The firm experienced an unmatched product demand response in 2018.
Adopted state-of-the-art, automated manufacturing equipment. These already-installed and implemented gadgets are highly effective compared to the previous equipment the company was using.
Also had to adopt new manufacturing practices and adapt them to higher output when demand skyrocketed beyond their expectations.

“Although Mercury has unveiled many new innovations and has amassed many successes through the years, 2018 stands out as a particularly remarkable year of achievements that will help to shape the future of both Mercury Marine and the entire boating industry and it is gratifying to be recognized for this honor by the WMC,” Pfeifer wrote in a statement after winning the award.

As a show of appreciation, the company has decided to celebrate its 80th anniversary throughout the year with its customers and employees.

Generac Ramp Up R&D Spending

Generac Power Systems have been steadily increasing their R&D spending over the past decade. The company spent $9.9 million on R&D in 2008 and by 2016, they were investing $37.5 million per annum. Aaron Jagdfeld, President and CEO said that investing in R&D would “quicken the pace of our product development cycles, which is critical to remaining at the forefront of the industries we serve.”

The company plans to invest $73 million in its Wisconsin headquarters and manufacturing facilities over the next five years in order to “realize efficiencies… that will drive continued innovation.” The funds will be used to expand corporate headquarters, production operations and research and development activities to advance Generac’s engineering and major product development. The improvements will allow prototypes to be made and tested more quickly.

It is expected that around 400 jobs will be created in Wisconsin by the project, adding to the current workforce of 2,000. The Wisconsin Economic Development Corp (WEDC) will support the project with up to $10 million in enterprise zone tax credits through to 2021. The tax credits awarded will depend on the number of jobs created, amount spent on training employees and capital spent on the expansion.

Mark Hogan, CEO of the WEDC commented that “In addition to the jobs created by this project, this expansion will enable Generac to usher in a new era of innovation and develop products to reach new markets and position the company for future growth.”

Generac manufacture power products including residential, commercial and industrial generators. Jagdfeld has stated the company is looking to diversify its product range and will focus on growing its natural gas business. Over recent years, the company has expanded through global acquisitions in Germany, Mexico and Italy.

The Wisconsin Credit for Increasing Research Expenses is available for companies undertaking eligible R&D activities, and can be reinvested into growing the business. If you would like to discuss R&D tax credits for your business, contact Swanson Reed R&D Tax Advisors today.