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State help sought for life sciences research in Washington State

Two years ago, Sound Pharmaceuticals Chief Executive Jonathan Kil ran into an offer he almost couldn’t refuse — in the form of $6 million in Pennsylvania state-funded venture capital.

The only requirement: He must uproot his Seattle-based firm, which is developing drugs for hearing loss and traumatic brain injury, and move to Pennsylvania.

Competing states want companies such as Sound Pharmaceuticals — and they aren’t afraid to throw money and tax incentives at them to lure them away from the Pacific Northwest.

If the Puget Sound area is to be the premier region for life science research and biotechnological innovation, the state has to increase incentives to at least match what other states are offering, according to recommendations presented Monday at the governor’s second annual Life Science Summit.

By ANDREA JAMES
P-I REPORTER

Full Story: http://seattlepi.nwsource.com/business/286459_lifesciencessummit26.html

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