Business Excellence Awards
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By PBN Staff
WOONSOCKET – MultiCell Technologies, a clinical-stage biopharmaceutical company developing therapeutics and discovery tools for the treatment of neurological disorders, hepatic disease and cancer, said that it received its final payment of a grant from the federal government.
MultiCell received $303,102 on Tuesday through the Qualifying Therapeutic Discovery Project as a final installment of the $733,437 cash grant it was awarded in total. The company elected to take the cash grant, rather than the $1,466,875 it was awarded as a future tax credit.
The QTDP program targets projects that “show a reasonable potential to:”
“We are pleased that our drug development programs for the treatment of cancer (MCT-465/485 and MCT-475) and for the treatment of fatigue in multiple sclerosis patients (MCT-125) qualified for certification under the QTDP program,” said W. Gerald Newmin , chairman and CEO of MultiCell in a news release.