MANCHESTER, NH – The state is encouraging the growth of a new industry in the Millyard. Wellknown Manchester industrialist Dean Kamen formed the Advanced Regenerative Medicine Institute (ARMI) and has been working to attract businesses involved in the field of regenerative medicine, the growth of human organs.
The House and Senate passed a bill, NH SB 564, to encourage companies that devote at least 75 percent of their activities toward the growth of human organs by exempting them from the business profits tax and the business enterprise tax for ten years.
Following a May 2 vote by the Senate to concur with House changes to the bill, it goes to SB 564 supporter Gov. Chris Sununu for his signature. Sununu, said “New Hampshire has signaled to the rest of the country that we are at the forefront of innovative, life-saving technological developments.”
The bill also creates a $5 million workforce development program. Kamen has said that finding the right talent to push this field forward is one of its biggest challenges.
Kamen and the city of Manchester won an $80 million federal grant from the Department of Defense last year to ARMI.
The goal is to make New Hampshire the Silicon Valley of what is poised to become a groundbreaking medical and industrial endeavor. At the foundation of the futuristic idea is the commercialization of regenerating human organs and tissue from cells, with life-changing benefits for wounded service members and others suffering from catastrophic injury or illness.
Supporters of the bill say that tax breaks will help kick start a nascent industry and ensure that New Hampshire becomes the ‘Silicon Valley of regenerative medicine.’