San Diego, CA, November 9, 2010 – Vascular BioSciences was awarded a grant in the amount of $181,876 from the U.S. Government’s Qualifying Therapeutic Discovery Project (QTDP) Program. The grant will be used to support the development of CAR peptide as a therapeutic adjuvant.
The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to have reasonable potential to result in a new therapy, reduce health care costs, or significantly advance the goal of curing cancer. The QTDP program was created by Congress on May 21, 2010 under Section 48D of the Internal Revenue Code, as enacted under the Patient Protection and Affordable Care Act (PPACA).
The highly competitive QTDP program provides a 50% tax credit or grant for qualified investments by eligible companies in taxable years beginning in 2009 and in 2010 in connection with qualifying projects.
- Qualifying projects included those designed to:
- Treat or prevent diseases or conditions by conducting pre-clinical activities, clinical trials and clinical studies, or carrying out research protocols for the purpose of securing federal government approval by the FDA.
- Diagnose diseases or conditions or to determine molecular factors related to diseases or conditions by developing molecular diagnostics to guide therapeutic decisions.
- Develop a product, process or technology to further the delivery or administration of therapeutics.
The U.S. federal government awarded $1 billion in grants and tax credits to nearly 3,000 biotechnology companies with 250 or fewer employees. Congress allocated the money as part of last years health‒care reform law to protect biotechnology jobs, and increase the country’s efficiency in the development of lifesaving drugs and devices.
“We are very pleased to receive this QTDP grant,” said Vascular BioSciences CEO David Mann. “This grant acknowledges the innovation of our approach in developing targeted therapeutics, and it will greatly speed our efforts to develop more selective treatments for desperately ill patients.”
About Vascular BioSciences
Vascular BioSciences, a diversified biomedical company with operations in California and North Carolina, provides disease solutions in order to enhance and prolong human life.
Vascular BioSciences makes interventional catheters to obtain endoarterial biopsies, provides molecular diagnostic services, and through its majority owned subsidiary VBS Pharmaceuticals, develops targeted therapeutics for patients with difficult to treat diseases.