Access Pharmaceuticals, Inc. announced that it has been awarded seven different government grants, totaling $1.5 million, for the continued development of their biotechnology therapies. The grants are a result of the Patient Protection and Affordable Care Act which was signed into law by President Barrack Obama on March 23rd of this year.
The Act, which levels the playing field to some extent for small to mid-size companies, created a new Internal Revenue Code Section 48D and provides some financial relief for companies with new therapies that show significant potential to address areas of unmet medical need, or prevent, detect, or treat chronic or acute diseases or conditions; or reduce long-term health care costs in the United States; or significantly advance the goal of curing cancer within 30 years. The grants are not money or tax credits which are frivolously dispersed. The awarding of the monies is a result of a firm set of guidelines to identify the medical advancement as a “Qualifying Therapeutic Discovery Projects” and a competitive application process.
In the case of Access Pharmaceuticals, seven out of eight applications were awarded a grant. The grants cover the Access’ ongoing developments of ProLindac, Thiarabine, MuGard, CobOral Oral Insulin and CobaCyte siRNA Delivery Programs.
Jeffrey Davis, CEO of Access Pharma, stated, “We are pleased to have been awarded these grants, and believe it reflects the considerable value of the Access development programs.” He continued, “Given the recent launch of our oral mucositis product, MuGard, and our ability to manage our cash burn through multiple partnerships, we believe these grants will significantly impact our balance sheet and product development timelines.”
From an investment and business standpoint, being awarded these grants carries some solid undertones. The government only allocated $1 billion for this new Act, so being approved for $1.5 million worth of those funds shows belief by review boards in the strength of the Access technologies. Additionally, the grants are not includable in the taxpayer’s gross income, which never hurts the bottom line.
More information about Access Pharmaceuticals and their pipeline of products can be found on the Company’s website at www.accesspharma.com.
About QualityStocks:
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment