AVI BioPharma Awarded $1.2 Million in U.S. Government Grants for Five Qualifying Therapeutic Development Projects Involving RNA-
November 03 2010 - 8:00AM
Marketwired
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based
therapeutics, announced today that it has been awarded five cash
grants totaling approximately $1.2 million under the U.S.
Government's Qualifying Therapeutic Discovery Project (QDTP)
program. AVI was awarded grants for each of the five project
applications submitted for the company's Duchenne muscular
dystrophy program and four infectious disease programs.
"These funds provide unrestricted, non-dilutive, capital to
further our development of RNA-based therapeutics utilizing our
intrinsically charge-neutral PMO-based chemistries," said J. David
Boyle II, AVI's interim President and Chief Executive Officer, and
Chief Financial Officer. "Each program is focused on the
development of drugs for indications where there are significant
unmet clinical needs. We will continue to leverage our PMO platform
to develop product candidates quickly for advancement through
clinical trials."
The QDTP was part of the March 2010 Patient Protection and
Affordable Care Act and provides a tax credit or grant equal to 50
percent of eligible costs and expenses for tax years 2009 and 2010.
Under the program, a total of $1 billion in grant or tax credits
was made available to companies with 250 or fewer employees. The
grant received by AVI for each application was approximately
$244,000.
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