Enzon receives $1.2 million in funding under IRS Qualifying Therapeutic Discovery Project program

Enzon Pharmaceuticals, Inc. (NASDAQ: ENZN) today announced that it has been awarded $1.2 million in funding under the IRS Qualifying Therapeutic Discovery Project (QTDP) program, which was created by Congress as part of the Patient Protection and Affordable Care Act of 2010. Proceeds of the grant will be used to advance the development of five product candidates: PEG-SN38, mRNA antagonist for HIF-1 alpha, Survivin, Androgen Receptor (AR) and HER3. The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to have reasonable potential to result in a new therapy, reduce health care costs, or represent a significant advance in finding a cure for cancer.

“The grant funding will go toward supporting Enzon's ongoing research and development efforts in its five most advanced programs, with the goal of addressing unmet medical needs in cancer.”

"This award recognizes the broad spectrum of innovative product candidates that Enzon is developing to advance the treatment of cancer," said Ivan Horak, M.D., Enzon's President of Research and Development and Chief Scientific Officer. "The grant funding will go toward supporting Enzon's ongoing research and development efforts in its five most advanced programs, with the goal of addressing unmet medical needs in cancer."

The QTDP was created by Congress in March 2010, as enacted under the Patient Protection and Affordable Care Act and provides a tax credit or grant of up to 50% of eligible costs and expenses for the tax years of 2009 and 2010. The Company expects to receive the amount allocated to them as a cash grant in the near future.

Source: Enzon Pharmaceuticals, Inc.