Bad enough that they promised them a BILLION DOLLARS, now we find we will have to PAY MORE because it was BORROWED from BANKS?!!!
Can you say CRIMINAL GOVERNMENT, Massachusetts citizen?
"The biotech initiative also relies heavily on another trick: borrowing. A $500 million bond authorization means the more than $1.8 billion state taxpayers pay annually for debt service - already the fourth-largest line item in the budget - will increase. Or its term will be extended. Either way, we pay more"
Yup, the BILLION DOLLAR GIVEAWAY to the pharmaceutical corporations was a GOOD THING, even though "it's never been easy to turn a profit in biotech?"
Flush that money away, too, taxpayer.
"Losing a fiscal shell game" by Charles Chieppo | February 20, 2009.... Recently, Massachusetts has chosen a familiar path that is ultimately a dead end: luring specific businesses and industries with preferential treatment. The Commonwealth beefed up tax credits to the film industry and paid nearly $70,000 per new job to entice a pharmaceutical firm to expand in Lexington.
It also bet a billion taxpayer dollars on the biotech industry. Let's hope the Commonwealth is a better poker player with its chips than the federal government was with the first $350 billion it sunk into ailing financial institutions.
These deals are, in the words Governor Patrick often used during his campaign, a fiscal shell game. Massachusetts is in no position to absorb foregone revenue from tax breaks, so last year state government offset the hit with about $300 million in business tax hikes. The damage done by broader increases outweighs the benefits to chosen industries.
Yeah, but we KNOW WHICH RELIGIOUS-CENTRIC and ETHNO-CENTRIC GROUP those certain industries cater to, don't we?
The biotech initiative also relies heavily on another trick: borrowing. A $500 million bond authorization means the more than $1.8 billion state taxpayers pay annually for debt service - already the fourth-largest line item in the budget - will increase. Or its term will be extended. Either way, we pay more....
--more--"Somehow the biotechs never have trouble raising money, either:
"Cambridge vaccine firm raises $23m" by Todd Wallack, Globe Staff | February 19, 2009
Genocea Biosciences Inc., a Cambridge firm trying to develop new vaccines, said it raised $23 million in a series A round of venture capital.
Yup, no one can get a loan or job, but plenty of venture capital out there.
The company, founded in August 2006, has 16 employees and previously raised $3 million in seed financing and $5.1 million in grants. The latest fund-raising round was led by SR One, the corporate venture arm of British drug maker GlaxoSmithKline. It also included investors Lux Capital Management, Polaris Venture Partners, and Morningside Ventures.
I guess that explains everything, huh?
Also, the company plans to say today that it hired Staph Leavenworth Bakali, formerly chief operating officer of ID Biomedical and PowderJect Pharmaceuticals, as its new chief executive officer. He replaces Genocea cofounder and former CEO Robert Paull, who is also managing general partner of Lux Capital Management."
So why are they getting tax monies, readers?
What kind of poisonous crap is your tax money funding, readers?
"Sales of psoriasis drug may be halted" by Bloomberg News | February 20, 2009
SAN FRANCISCO - European regulators recommended suspending sales of Genentech Inc.'s psoriasis treatment Raptiva after the drug was linked to four cases of a deadly brain infection.
Related: Biotechs Want a Bailout
The Food and Drug Administration and European Medicines Agency have received reports of three confirmed cases and one possible case of progressive multifocal leukoencephalopathy in patients taking Raptiva, the agencies said.
Related: Poison For Profit
Three of the patients died. The South San Francisco-based company reported its second patient death from the infection in November. Raptiva's removal from the market would have a "very limited impact" on Genentech, a Sanford C. Bernstein analyst told investors. Raptiva is one of Genentech's smallest products, with US sales of $108 million in 2008.
And THAT is what is important; that's why the story is in the BUSINESS SECTION!
Yeah, the FDA is looking out for you!
--more--"
Related:
FDA finds more hazardous diet pills
FDA Protects Big Pharma While Telling Americans "F*** You!"
FDA Doesn't Care About Cancer
FDA Approval to Immunize Drug Companies From Lawsuits
How do you like that, AmeriKa?
You are funding development of poisons that kill you so the pharmaceuticals can get rich.
