Nov 8 2010
ST Cardio Technologies, an innovative developer of products utilized in the diagnosis and treatment of heart arrhythmias, announced today that it has been awarded a grant of $244,479 under the Qualifying Therapeutic Discovery Project (QTDP) Program. The company's grant is related to the development and clinical evaluation of the Z6 Cardiac Stimulator. The amount awarded to ST Cardio Technologies represents the maximum award for a grant under this program.
“We are pleased that the Department of Health and Human Services chose to recognize the innovative capabilities of the Z6 Cardiac Stimulator”
The QDTP Program is provided under section 48D of the Internal Revenue Code enacted as part of the Patient Protection and Affordable Care Act of 2010. The Program is targeted to therapeutic discovery projects that show a reasonable potential to:
- Result in new therapies to treat areas of unmet medical need or prevent 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.
Additionally, a project's potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences was taken into consideration.
"We are pleased that the Department of Health and Human Services chose to recognize the innovative capabilities of the Z6 Cardiac Stimulator," stated Bill Abboud, ST Cardio Technologies' President and Chief Executive Officer, "We look forward to utilizing the grant to further enhance the Z6 Cardiac Stimulator capabilities in the diagnosis and treatment of cardiac arrhythmias."
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