Florida-based biopharmaceutical company Oragenics, Inc. (OTCBB: ORNI) (www.oragenics.com) announced that it will receive a $733,437 Federal Grant as part of Congress's Patient Protection and Affordable Care Act of 2010.
“We are extremely pleased that three of our development programs have been selected for funding. This funding will provide the Company additional capital resources to draw from and assist us in achieving our objectives”
The Company received the non-taxable cash grant award for funding on three of its programs: Prevention of Tooth Decay using SMaRT™ Replacement Therapy, Novel Antibiotics for the Treatment of Healthcare Associated Infections and Rapid and Sensitive Identification of Novel Diagnostic Biomarkers for Cancer and Infectious Diseases.
The Qualifying Therapeutic Discovery Project, was recently enacted by Congress as part of the Patient Protection and Affordable Care Act of 2010, which was designed to provide grants or tax credits to qualified biotechnology companies that demonstrate the potential to either: 1) develop new therapies to treat areas of unmet medical needs; 2) prevent, detect or treat chronic or acute diseases and conditions; 3) reduce long-term health care costs in United States; or 4) significantly advance the goal of curing cancer within the 30 year period beginning on May 21, 2010.
The Company will receive a non-taxable cash grant award totaling $733,437 under the program. A payment of $371,219 has been authorized to be made to the Company in November 2010 and the remaining grant award amount of $362,218 will be authorized for payment to the Company no later than 30 days after the end of the calendar year ending December 31, 2010.
"We are extremely pleased that three of our development programs have been selected for funding. This funding will provide the Company additional capital resources to draw from and assist us in achieving our objectives," said David Hirsch, CEO of Oragenics.
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