MultiCell Technologies Receives $733,437 Cash Grant Award Under U.S. Government's Qualifying Therapeutic Discovery Project Program
Press Release Source: MultiCell Technologies, Inc. On Tuesday November 2, 2010, 8:00 am EDT
WOONSOCKET, R.I., Nov. 2, 2010 /PRNewswire/ -- MultiCell Technologies, Inc. (OTC Bulletin Board:MCET.OB.ob - News) announces it has received cash grant awards under the U.S. government's Qualifying Therapeutic Discovery Project ("QTDP") program. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provides a tax credit or grant equal to eligible costs and expenses for tax years 2009 and 2010.
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.
"We are pleased our MCT-465 and MCT-475 drug development programs for the treatment of cancer, and our MCT-125 drug development for the treatment of fatigue in multiple sclerosis patients qualified for certification under the QTDP program," stated W. Gerald Newmin, Chairman and CEO of MultiCell. "For our programs where we requested certification, a combined total of $1,466,875 was certified as qualifying expenses under the QTDP program, and of that amount, $733,437 was awarded to MultiCell as a cash grant," Mr. Newmin further stated. The QTDP grant awards are not taxable for U.S. federal income tax purposes, but may be taxable for State income tax purposes.
About MultiCell Technologies, Inc.
MultiCell Technologies, Inc. is a clinical-stage biopharmaceutical company developing novel therapeutics and discovery tools to address unmet medical needs for treatment of neurological disorders, hepatic disease and cancer.
MultiCell's therapeutic development platform relies on patented techniques to: (i) isolate, characterize and differentiate stem cells from the human liver, or (ii) control the immune response at transcriptional and translational levels through dsRNA-sensing molecules such as Toll-like receptor (TLR), RIG-I-like receptor (RLR), and MDA-5 signaling, or (iii) generate specific and potent immunity against key tumor targets through a novel immunoglobulin treatment, or (iv) modulate the noradrenaline-adrenaline neurotransmitter pathway.
MultiCell's drug candidates are in various stages of discovery optimization, and preclinical and clinical development:
* MCT-125 is a Phase 2 therapeutic candidate for treatment of fatigue in MS patients, which has demonstrated efficacy in a 138-patient Phase IIa clinical trial. * MCT-465 is a preclinical synthetic dsRNA therapeutic candidate and potent immune enhancer for the treatment of solid tumor cancers such as those expressing TLR-3. * MCT-475 is a discovery stage antibody therapeutic candidate for use in combination with dsRNA for the treatment of solid tumor cancers. * MCT-485 is a discovery stage dsRNA therapeutic candidate with tumor cytolytic properties for the treatment of certain cancers.
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