News Coverage: Twenty One Oregon Companies Get Millions in Qualifying Therapeutic Discovery Project
Release Date: 04-Nov-2010
Local bioscience company leaders note these new therapeutic discovery funds provide local investment in qualified biomedical projects that show potential to develop new therapies, address unmet medical needs, and reduce the long-term growth of health care costs. DesignMedix, MolecularMD and Sedia Biosciences Corporation are three of the start ups that will receive more than $1.2 million to fund research and discovery.
November 4, 2010( Portland, Ore.) - Today the Oregon Bioscience Association (OBA) announced that 21 biotechnology and life science companies in Oregon have been named awardees of more than $5.4 million in grants under the new Qualifying Therapeutic Discovery Project Credits and Grants (QTDP). Twenty-six projects were funded in Oregon under this new federal, stimulus-type program.
The federal Department of Health and Human Services announced the awards yesterday. Secretary of the Treasury Tim Geithner and Secretary of Health and Human Services Kathleen Sebelius joined with NIH Director Dr. Francis Collins to announce the recipients of the $1 billion in new therapeutic discovery project credits and grants created by the Affordable Care Act. This program will help nearly 3,000 small biotechnology companies in nearly every state in the country produce new and cost-saving therapies, support good jobs and increase U.S. competitiveness.
"Bioscience in Oregon received a significant upswing yesterday, adding to the record influx of research and venture funds that Oregon has attracted this year," said Dennis McNannay, OBA's executive director.
Not counting the QTDP funds, Oregon attracted more than an estimated $500,000,000 in bioscience funding from federal sources such as the National Institutes of Health, Department of Defense and Small Business Innovation Research (SBIR). At least $100 million additionally comes from venture capitalists and private equity firms, as well as state funding such as Oregon's Strategic Investment Program, the Oregon Growth Account and the Oregon Opportunity Fund.
Said DesignMedix CEO Lynn Stevenson, Ph.D., "DesignMedix is very pleased with this validation of our product development efforts and the potential to address unmet medical needs and reduce health care costs worldwide." She added that the grant funds will help support the development of the company's drug candidates for malaria and bacterial diseases, which annually cause millions of deaths worldwide.
The program awards either money or tax credits to projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. Under the QTDP program, a total amount of $1 billion was allocated for credits and grants with a $5 million limit per each eligible applicant. Since awards were made by project, applicants who submitted more than one project that received a grant or credit may be listed more than once.
Oregon companies received $5,447,316.00 in combined 2009 and 2010 grant awards for 26 projects. The maximum grant award is $244,479.00. The Oregon recipients by name, project and grant amount are:
13therapeutics, Inc.; Commercialization of novel therapeutic (P13) for treatment of inflammatory diseases; $244,479
Artielle Immuno Therapeutics, Inc.; Development of a T-cell specific drug against multiple sclerosis; $244,479
Bioject Medical Technologies, Inc.; Dose sparing needle-free injection delivery systems $244,479
Blacktoe Medical III, Inc.; Miniaturized finger-wearable ultrasound transducer; $244,479
Calypte Biomedical Corporation; A rapid test for antibodies against HIV-1/2 in oral fluid; $244,479
Cascade Prodrug Inc.; Anti-cancer therapeutics targeting tumor hypoxia; $244,479
Chemica Technologies, Inc.; Agent to enhance tumor radiometal uptake; $62,560
DesignMedix, Inc .; Dual-action drugs to overcome drug resistance in parasitic and bacterial disease; $244,479
Electrical Geodesics, Inc.; Dense array electroencephalography (EEG) for neurosurgical planning in epilepsy; $244,479
Epley Medical Inc. d/b/a Vesticon; Device of new diagnosis and treatment of benign paroxysmal positional vertigo; $244,479
Home Dialysis Plus, LTD.; Development of novel portable nocturnal hemodialysis system; $244,479
Inovise Medical, Incorporated; Cardiopulmonary holder; $244,479 Mitosciences Inc.; MET3D; $244,479
Molecular MD Corp.; Molecular diagnostics c-KIT cancer gene mutation assay for metastatic melanoma patients; $244,479
MolecularMD Corp.; Molecular diagnostics EGFR T790M cancer gene mutation assay for relapsing NSCLC patients; $244,479
MolecularMD Corp.; Molecular diagnostics b-RAF V600E cancer gene mutation assay for metastatic melanoma; $244,479 MolecularMD Corp.; Molecular diagnostics standardized BCR-ABL cancer gene quantization; $244,479
Najit Technologies, Inc.; Development of a novel hydrogen peroxide-based vaccine platform; $244,479
Najit Technologies, Inc.; Development and optimization of dual-detection diagnostics; $244,479
Pulse Health LLC,; Breath aldehyde measurement system for the quantitative determination of oxidative stress; $244,479
River Point LLC, d/b/a Riverpoint Medical; Cancer detection and radiation delivery devices $244,479
Sedia Biosciences Corporation; Rapid oral fuid HIV test; $48,700
Sedia Biosciences Corporation; Novel collection devices; $12,950
Tree Star Inc. FlowDx: Clinical cytometry analysis software with automated gating; $152,042
UbiVac LLC; New cancer vaccine technology based on dribbles produced by tumor cells; $244,479
Yainax Medical, LLC; Microfluidics transtymapanic delivery system for controlled delivery of drugs to inner ear; $37,000
According to the IRS, submission of certification applications began June 21, 2010, and applications had to be postmarked no later than July 21, 2010, to be considered for the program. Applications were reviewed by both the Department of Health and Human Services (HHS) and the IRS. All applicants were notified by letter dated October 29, 2010, advising whether or not the application for certification was approved. For those applications that were approved, the letter also provided the amount of the grant to be awarded or the tax credit the applicant was eligible to take. Oregon's recipients all received grants.
According to the HHS, a total of 2,923 companies specializing in biotechnology and medical research in 47 states and the District of Columbia received awards under the therapeutic discovery project program created by the Affordable Care Act. In all, 4,606 applications from these nearly 3,000 companies were awarded funding.
About the Oregon Bioscience Association
The Oregon Bioscience Association and its 180 member companies work for Oregon's biotechnology and life science industries to create opportunity through community, collaboration and commercialization. OBA promotes the growth and quality of the bioscience industry in Oregon and continually seeks ways to support sustainability and growth in the life science, bioscience, biotechnology and device manufacturing industries and to create acceleration initiatives so members can achieve their full scientific, economic and social potential. OBA, a nonprofit membership association, is the Oregon affiliate of the Biotechnology Industry Organization. Oregon has 602 bioscience establishments and 13 life science research institutions generating $6.2 billion in economic activity, 37,040 jobs, $1.7 billion in personal income and $250.5 million in local and property tax revenues. More about the Oregon Bioscience Association can be found at www.oregonbio.org. ###
November 4, 2010
Contact: Dennis McNannay, Executive Director, OBA, (503) 548-4432 Dianne Danowski Smith, APR, Publix Northwest, (503) 201-7019
Oregon Bioscience Association | Oregon Bioscience Assoc. | 2828 S.W. Corbett Ave., Suite 115 | Portland | OR | 97201