Nov 4 2010
Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology, today announced that it has been awarded grants totaling $977,900 under the Qualifying Therapeutic Discovery Project (QTDP) Program administered under section 48D of the Internal Revenue Code.
“We are pleased to be awarded this grant for our drug development programs,” said Rajesh C. Shrotriya, MD, Chairman of the Board of Directors, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “We are proud that our scientific work bringing new treatment options for cancer and other unmet medical needs is being recognized. This source of funding will be used to advance our various drug development programs including RenaZorb®, an oral drug for the treatment of hyperphosphatemia in patients with chronic kidney disease.”
The Qualifying Therapeutic Discovery Project tax credit is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The credit is a tax benefit targeted to therapeutic discovery projects that show a reasonable potential to:
- Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions,
- Reduce the long-term growth of health care costs in the United States, and/or
- Significantly advance the goal of curing cancer within 30 years.
Source: http://www.sppirx.com/