Samaritan Pharmaceuticals' Subsidiary Certified as a CDE for New Market Tax Credit Program
01 Fevereiro 2006 - 11:00AM
Business Wire
Samaritan Pharmaceuticals Inc. (AMEX:LIV), a developer of
innovative drugs, announced today, its subsidiary Samaritan
Pharmaceuticals New Market Tax Credit, Inc. (SPNMTC) has been
certified as a CDE (Community Development Entity) by the Community
Development Financial Institutions Fund of the United States
Treasury (CDFI Fund). CDE Certification allows the company to
participate, directly or indirectly, in the Department of the
Treasury New Market Tax Credit (NMTC) Program. Samaritan is working
to develop a small life-science research facility in Nevada, and
has turned to a relatively new $15 billion federal tax-credit
program designed to foster economic development in low-income
communities. Samaritan will be seeking a $50 million "allocation"
that would provide $19.5 million in tax credits to investors, in a
proposed $50 million research facility in Nevada for biotechnology
and other life-science fields. The investors in the project will
not only receive a return on their investment, but also receive tax
credits up to 39% of the investment over a seven-year period.
Samaritan Pharmaceuticals New Market Tax Credit, Inc. is an
independent entity from Samaritan Pharmaceuticals with directors
from Southern Nevada Workforce Investment Board, a owner of a North
Las Vegas small business and a low income community resident of
North Las Vegas. "Our subsidiary faces stiff competition for New
Market Tax Credits, which in the past have been awarded to roughly
only 20 percent of applicants that undergo the rigorous selection
process, but we're used to being against all odds," said Eugene
Boyle, CFO of Samaritan Pharmaceuticals Inc. Mr. Boyle continued,
"We hope to facilitate a significant advancement in the development
of life sciences in Nevada -- and, ultimately, the diversification
of Nevada's economy." About Samaritan Pharmaceuticals Samaritan
Pharmaceuticals is a drug development company driven to discover,
develop and commercialize innovative therapeutics for AIDS, cancer
and Alzheimer's and heart diseases. Samaritan, in collaboration
with Georgetown University, is advancing eight promising compounds
out of its rich pipeline of 250 possible drug candidates, all of
which have the potential to create revenue-generating
opportunities. For additional information, visit
www.samaritanpharma.com. About The Samaritan Pharmaceuticals New
Market Tax Credit, Inc. The Samaritan Pharmaceuticals New Market
Tax Credit, Inc. is a community development entity founded in 2005
by Samaritan Pharmaceuticals. A CDE is a domestic corporation that
is an intermediary vehicle for the provision of loans, investments,
or financial counseling in "Low-Income Communities" (LICs).
Benefits of being certified as a CDE include being able to: (1)
apply to the Community Development Financial Institutions Fund (the
"Fund") to receive a New Markets Tax Credit (NMTC) allocation to
offer its investors in exchange for equity investments in the CDE
and/or its subsidiaries; or (2) receive loans or investments from
other CDEs who have received a NMTC Allocation. For additional
information, visit
http://www.cdfifund.gov/docs/certification/CDEstate.pdf
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