(A. Kotok)
Four biotechnology companies reported the awarding of grants under a provision in the Patient Protection and Affordable Care Act of 2010, known popularly as the Affordable Care Act. The Act adds to Section 48D of the Internal Revenue Code a provision called the Qualifying Therapeutic Discovery Project Credit.
This credit funds projects that show potential to result in new therapies for unmet medical needs, prevent, detect, or treat chronic or acute diseases and conditions, reduce long-term health care costs in the United States, or significantly advance the goal of curing cancer. Awards go to companies with 250 employees or less, and may be given in the form of a grant in lieu of a tax credit.
Access Pharmaceuticals Inc. in Dallas, Texas received seven grants totaling some $1.5 million. The company says the grants cover its products ProLindac, Thiarabine, MuGard, CobOral oral insulin, and the CobaCyte siRNA delivery program for oncology, cancer supportive care, and diabetes.
RXi Pharmaceuticals in Worcester, Massachusetts received four grants totaling $978,000 under this provision of the Act. Three of the grants fund the company’s work in RNA interference (RNAi) to develop treatments for fibrotic disease, age-related macular degeneration, and ALS (Lou Gehrig’s Disease). The fourth grant supports oral delivery of a glucose-encapsulated RNA therapy for rheumatoid arthritis.
CytRx Corporation of Los Angeles, California received $735,000 under the project to fund its continuing oncology R&D work. The company says the grants will support its INNO-206, tamibarotene, and bafetinib product development targeting cancers including prostate, pancreatic, gastric, soft-tissue sarcomas, and forms of leukemia. All three treatments are in clinical trials.
GenVec Inc. of Gaithersburg, Maryland says it received a $244,000 grant under the Qualifying Therapeutic Discovery Project Credit. The company develops cancer therapies, as well as treatments for other diseases including hearing loss and balance disorders, HIV, and malaria.
Hat tip: RITA Biotech
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