Echo Therapeutics, Inc. announced this morning that it received a Qualifying Therapeutic Discovery Project (QTDP) grant from the U.S. government in the amount of $244,479 related to its 2009 research and development expenditures. Based on its actual and projected R&D spending for 2010, Echo expects to receive an additional grant of up to approximately $244,000 after submission of its 2010 tax returns.
The U.S. Department of Health and Human Services issues QTDP grants to support innovative projects that have reasonable potential to result in new therapies, reduce health care costs or significantly advance the goal of curing cancer. Created under Section 48D of the Internal Revenue Code, it was enacted under the Patient Protection and Affordable Care Act. Grants were awarded through a competitive application process administered by the Departments of Health and Human Services and the Treasury.
Additionally, Echo is developing its needle-free Symphony™ tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system and its Prelude™ SkinPrep System for transdermal drug delivery. The company also confirmed today that it anticipates its licensing partner, Ferndale Pharma Group, Inc., will file a 510(k) premarket notification to the United States Food and Drug Administration in the near-term.
Patrick T. Mooney, M.D., Chairman, President and CEO of Echo, commented, “This cash infusion, following the recent positive clinical results for use of our Prelude SkinPrep System with topical 4% lidocaine cream, represents important achievements for Echo Therapeutics as we progress towards regulatory clearance and commercialization. We are pleased to receive this grant, and believe this capital will be helpful as we continue our product development and transition into production. We have developed a novel skin permeation platform technology to address multiple large opportunities, and we are excited to introduce products to a receptive market to address unmet challenges, including those for diabetes monitoring.”
Let us hear your thoughts below:
