Affymax, Inc. (Nasdaq:AFFY) today announced that it has been awarded $244,479.25 in funding under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program established under Section 48D of the Internal Revenue Code.
“The Therapeutic Discovery Project empowers small biotech companies, like Affymax, by providing needed capital to support breakthrough medical discovery, innovation and job creation and sustainability in the U.S.”
"The Therapeutic Discovery Project empowers small biotech companies, like Affymax, by providing needed capital to support breakthrough medical discovery, innovation and job creation and sustainability in the U.S.," said Arlene M. Morris, chief executive officer of Affymax. "The funds we receive will provide additional support for the development of Hematide™."
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 to taxpayers with no more than 250 employees in an amount equal to 50 percent of eligible costs and expenses for the tax years of 2009 and 2010, subject to allocation. The QTDP program targeted projects that show potential to produce new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, reduce long-term health care costs in the United States, or significantly advance the goal of curing cancer within the next 30 years. Allocation of the credit also took into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences.