Officials at NanoBioMagnetics,
Inc (NBMI) announced today that the company has been named to receive a
grant award from the Qualifying Therapeutic Discovery Program (QTDP).
The program was highly competitive with nearly seven thousand applicants vying
for funding. NBMI received the grant for their efforts in the development of
their magnetic vectoring technology for the targeted delivery of chemotherapeutics.
The QTDP program is part of the Patient Protection and Affordable Care Act
of 2010 and provides a 50% tax credit or grant to biotech, pharmaceutical or
other healthcare companies for qualified investments by eligible companies in
taxable years beginning in 2009 and in 2010 in connection with qualifying projects
- Treat or prevent diseases or conditions by conducting pre-clinical activities,
clinical trials and clinical studies, or carrying out research protocols for
the purpose of securing federal government approval by the Food and Drug Administration.
- Diagnose diseases or conditions or to determine molecular factors related
to diseases or conditions by developing molecular diagnostics to guide therapeutic
- Develop a product, process or technology to further the delivery or administration
Charles Seeney, President and CEO, says "This funding will certainly help
the company continue their ongoing development efforts now taking place in collaboration
with scientists at the University of Texas M D Anderson Center." NBMI was
recently awarded a Phase I SBIR from the National Science Foundation to advance
the chemotherapeutic delivery system, and Seeney points out that these QTDP
funds will support that effort.
NBMI, with assistance from the Oklahoma Manufacturing Alliance, partnered with
the AlliantGroup of Dallas, TX (www.alliantgroup.com), the nation's premier
provider of specialty tax services, to help navigate the application process,
using their team of biotechnology and life sciences experts. Seeney notes that
AlliantGroup's efforts helped ensure that the company's application was accurate
and of the highest quality.
NBMI is a nanobiomaterials company focusing on the development and commercialization
of nanotools that enhance and improve therapeutic performance in human healthcare
applications. The company’s proprietary technology is based on the use
of magnetically responsive nanoparticles, which cause or drive a desired physiological
event, when under the influence of an external focused magnetic field. The company
was recently awarded its third US Patent, and has several additional applications
now in the patent review process.