Chembio Awarded $1.467 Million Under Health Care Reform Program
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The program established criteria by which small businesses could apply to be certified for either a tax credit or grant up to specified limits for tax years 2009 and 2010. Under the award guidelines, qualified therapeutic discovery projects had to show a reasonable potential to detect or treat chronic or acute diseases and conditions, reduce the long-term growth of health care costs in the United States, result in new therapies to treat areas of unmet medical need or prevent, or significantly advance the goal of curing cancer within 30 years. The projects also needed to show a reasonable potential to create or sustain high quality jobs and to advance United States competitiveness in the fields of life sciences, biological and medical sciences.
Chembio's six projects that received awards include products based on the Company's patented DPP® point-of-care diagnostic platform that are in various stages of its development pipeline such as its products for the rapid diagnosis of HIV, Hepatitis-C, and Syphilis.
The Company submitted the applications in July 2010. On November 1, 2010 the Company received the award notices for the grants aggregating $1,467,000. The grants include $620,000 relating to qualified expenditures made in 2009, for which payment will be made immediately, and grants of $846,000 for qualified expenditures made or that will have been made during 2010, which amount is to be paid at the end of January 2011. Except for approximately $100,000, the $846,000 grant awards for 2010 are for expenditures already made or incurred by the Company this year to date; the Company anticipates qualifying for the full $846,000 as a result of expenditures planned during the fourth quarter of 2010.
Commenting on the grant awards, Chembio's President, Lawrence A. Siebert, stated, "We are pleased to report the news of these awards which will contribute significantly toward funding several of our clinical and development programs, and will do so with non-dilutive financing."
Chembio's six projects that received awards include products based on the Company's patented DPP® point-of-care diagnostic platform that are in various stages of its development pipeline such as its products for the rapid diagnosis of HIV, Hepatitis-C, and Syphilis.
The Company submitted the applications in July 2010. On November 1, 2010 the Company received the award notices for the grants aggregating $1,467,000. The grants include $620,000 relating to qualified expenditures made in 2009, for which payment will be made immediately, and grants of $846,000 for qualified expenditures made or that will have been made during 2010, which amount is to be paid at the end of January 2011. Except for approximately $100,000, the $846,000 grant awards for 2010 are for expenditures already made or incurred by the Company this year to date; the Company anticipates qualifying for the full $846,000 as a result of expenditures planned during the fourth quarter of 2010.
Commenting on the grant awards, Chembio's President, Lawrence A. Siebert, stated, "We are pleased to report the news of these awards which will contribute significantly toward funding several of our clinical and development programs, and will do so with non-dilutive financing."
