Here are the biotech companies that got PPP loans
Among the many restaurants, neighborhood stores, and venture capital firms that received Paycheck Protection Program loans, there’s a handful of biotech companies that got federal money — and may or may not have been eligible for it.
As STAT’s Kate Sheridan reports, leading the list is the J. Craig Venter Institute, named for the famous geneticist, which received roughly $2 million to cover more than 150 employees. Acorda Therapeutics, a publicly traded drug maker, received between $5 million to $10 million. And Sorrento Therapeutics, which has announced some pre-clinical data from a Covid-19 antibody treatment, got between $2 million to $5 million.
The Small Business Administration, which oversees the loans, was careful to note that it’s still adjudicating whether companies on the receiving end were actually eligible for the program. Any firm deemed ineligible would have to return the funding.
Read more.
As STAT’s Kate Sheridan reports, leading the list is the J. Craig Venter Institute, named for the famous geneticist, which received roughly $2 million to cover more than 150 employees. Acorda Therapeutics, a publicly traded drug maker, received between $5 million to $10 million. And Sorrento Therapeutics, which has announced some pre-clinical data from a Covid-19 antibody treatment, got between $2 million to $5 million.
The Small Business Administration, which oversees the loans, was careful to note that it’s still adjudicating whether companies on the receiving end were actually eligible for the program. Any firm deemed ineligible would have to return the funding.
Read more.
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