Nov 9 2010
Inspiration Biopharmaceuticals, Inc. (Inspiration) today announced the Company was awarded two grants, totaling $488,958, under the Qualifying Therapeutic Discovery Projects Grant Program (QTDP). The grants are being provided under section 48D of the Internal Revenue Code, enacted as part of the Patient Protection and Affordable Care Act of 2010. The grants will be used to advance the clinical development of Inspiration's lead product candidates, IB1001 and OBI-1. Inspiration is developing IB1001, an intravenous human recombinant factor IX product, for the acute and preventative treatment of bleeding in individuals with hemophilia B. OBI-1 is Inspiration's intravenous recombinant porcine factor VIII product for the treatment of individuals who have developed inhibitors against human factor VIII and for individuals with acquired hemophilia A. Inspiration in-licensed OBI-1 from Ipsen SA earlier this year.
Michael Griffith, Ph.D., President and CEO of Inspiration, commented, "We are very pleased to receive these federal grants. The QTDP grant will further enable Inspiration to continue the development of IB1001 and OBI-1, and address the significant unmet needs of individuals with hemophilia."
Under the QTDP program, tax credits or grants were made available to companies with 250 or less employees to encourage therapeutic discovery projects that showed a reasonable potential to result in new therapies to treat areas of unmet medical need or prevent, detect 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. For additional information on the QTDP program, please visit http://grants.nih.gov/grants/funding/QTDP_PIM.
Source:
Inspiration Biopharmaceuticals, Inc.