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Lpath Awarded Therapeutic Discovery Project Grants Totaling $489,000
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As part of the program review process, the Department of Health and Human Services (HHS) evaluated each project for its potential to produce new therapies and reduce long-term health care costs or cure cancer within 30 years. Only projects that show a reasonable potential to meet these goals were certified as eligible for a tax credit or grant.
The grants to Lpath were awarded based on amounts Lpath expended in 2009 for the Phase 1 clinical trials of its lead product candidates, iSONEP™ for wet AMD and ASONEP™ for cancer. Lpath expects to receive the funds from the IRS in the fourth quarter of 2010.
"The fact that our drug development programs have been recognized by the federal government as meeting the objectives of these grants is a strong affirmation of the potential of our lead product candidates," said Scott Pancoast, Lpath's president and CEO. "These funds will help advance our programs into Phase 2 clinical trials."
The IRS grants follow a series of federal grants Lpath has received totaling more than $10 million, including two active grants of $3 million each from the National Cancer Institute and the National Eye Institute.
The grants to Lpath were awarded based on amounts Lpath expended in 2009 for the Phase 1 clinical trials of its lead product candidates, iSONEP™ for wet AMD and ASONEP™ for cancer. Lpath expects to receive the funds from the IRS in the fourth quarter of 2010.
"The fact that our drug development programs have been recognized by the federal government as meeting the objectives of these grants is a strong affirmation of the potential of our lead product candidates," said Scott Pancoast, Lpath's president and CEO. "These funds will help advance our programs into Phase 2 clinical trials."
The IRS grants follow a series of federal grants Lpath has received totaling more than $10 million, including two active grants of $3 million each from the National Cancer Institute and the National Eye Institute.
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