MultiCell Technologies Inc (MCET)

[Commander Pennystock]

Government awards MCET grant money:

We received grant awards in 2010 under the U.S. government’s Qualifying Therapeutic Discovery Project (“QTDP”) program for three of its drug development programs: MCT-125, MCT-465, and MCT-475. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act

On October 29, 2010, we received notification from the Department of Treasury that we had been awarded a total cash grant of $733,437.

Here is what makes this significant:

To be eligible, a therapeutic development project must:
(i) have the potential to develop new treatments that address unmet medical needs or chronic and acute diseases;
(ii) reduce long-term health care costs;
(iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or
(v) create or sustain well-paying jobs, either directly or indirectly

The QTDP program evaluated MCET as such.

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