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Nanobiomagnetics Receives Award from The Qualifying Therapeutic Discovery Program

Published on November 16, 2010 at 6:06 PM

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 designed to:

  • 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 decisions.
  • Develop a product, process or technology to further the delivery or administration of therapeutics.

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.

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