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Officials at NanoBioMagnetics, Inc (NBMI) announced today that the company has been named to receive a grant award from the Qualifying Therapeutic Discovery Program (QTDP).
The program was highly competitive with nearly seven thousand applicants vying for funding. NBMI received the grant for their efforts in the development of their magnetic vectoring technology for the targeted delivery of chemotherapeutics.
The QTDP program is part of the Patient Protection and Affordable Care Act of 2010 and provides a 50% tax credit or grant to biotech, pharmaceutical or other healthcare companies for qualified investments by eligible companies in taxable years beginning in 2009 and in 2010 in connection with qualifying projects 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 Food and Drug Administration.
* 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.
Charles Seeney, President and CEO, says "This funding will certainly help the company continue their ongoing development efforts now taking place in collaboration with scientists at the University of Texas M D Anderson Center." NBMI was recently awarded a Phase I SBIR from the National Science Foundation to advance the chemotherapeutic delivery system, and Seeney points out that these QTDP funds will support that effort.
NBMI, with assistance from the Oklahoma Manufacturing Alliance, partnered with the AlliantGroup of Dallas, TX (www.alliantgroup.com), the nation's premier provider of specialty tax services, to help navigate the application process, using their team of biotechnology and life sciences experts. Seeney notes that AlliantGroup's efforts helped ensure that the company's application was accurate and of the highest quality.
Safe Harbor Statement:
Certain statement included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of products and services, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. The company's expectations regarding future revenues are dependent upon the ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions are generally considered forward-looking statements. These statements reflect current expectations.
NBMI is a nanobiomaterials company focusing on the development and commercialization of nanotools that enhance and improve therapeutic performance in human healthcare applications. The company’s proprietary technology is based on the use of magnetically responsive nanoparticles, which cause or drive a desired physiological event, when under the influence of an external focused magnetic field. The company was recently awarded its third US Patent, and has several additional applications now in the patent review process.
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Charles E Seeney
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