R.I. Commerce Corp. awards job creation incentives, Innovation Vouchers

Updated at 11:12 a.m.

MINDIMMUNE THERAPEUTICS is a South Kingstown-based pharmaceutical startup. Above, the MindImmune Therapeutics lab at the University of Rhode Island. /COURTESY MINDIMMUNE THERAPEUTICS
MINDIMMUNE THERAPEUTICS is a South Kingstown-based pharmaceutical startup. Commerce RI awarded the company a $50,000 Innovation Voucher grant to partner with the University of Rhode Island and establish animal models of brain immune system dysfunction, as a means to screen for new Alzheimer’s disease therapies. Above, the MindImmune Therapeutics lab at the University of Rhode Island. /COURTESY MINDIMMUNE THERAPEUTICS

PROVIDENCE — An Atlanta-based company, Epiq Systems Inc., will receive state job creation incentives for locating a new data analytics office in Rhode Island, under a package approved by the R.I. Commerce Corp. Monday.

Epiq, specializes in legal services, working on large and complex tasks for corporations, financial institutions and government agencies, according to Commerce RI. The company has more than 200 data innovation employees and more than 5,000 total employees worldwide.

In Rhode Island, it plans an office with at least 25 full-time jobs by 2020. Positions, which will be filled with new hires, not transferred employees, will include data analysts, process engineers and data scientists.

The company will receive $1.21 million in Qualified Jobs tax credits if the hiring goes as planned and the jobs maintained for at least 12 years. The state is expected to gain $2.1 million in additional income, sales and business corporation taxes, according to Commerce.

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In other business, the Commerce RI board approved three Innovation Voucher grants, which are intended to help young companies produce innovative technologies. The program requires a partnership between companies and universities. Commerce RI received 91 applications for the current round of funds.

Grants approved Monday were:

  • Cranston-based Mearthane Products Corp., a manufacturer, will receive $40,574 to develop a new and innovative process for its Durethane formulas by partnering with an external partner.
  • MindImmune Therapeutics Inc. will receive $50,000 to partner with the University of Rhode Island and establish animal models of brain immune system dysfunction, as a means to screen for new Alzheimer’s disease therapies.
  • CRE Medical will gain $49,989 to partner with URI on a tricolor concentric ring electrode and tricolor electroencephalography to improve on brain monitoring technologies.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

Correction: Epiq Systems Inc. is headquartered in Atlanta, and has more than 5,000 employees worldwide.