technology

MultiCell Technologies receives final payment

COURTESY MULTICELL TECHNOLOGIES
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.
Posted 1/4/12

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:”

  • 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, or

  • Significantly advance the goal of curing cancer within 30 years.

    “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.

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