Iris BioTechnologies awarded $245,000 grant under QTDP Program

Iris BioTechnologies Inc. (OTCBB:IRSB), a life sciences company focused on providing patients, doctors, and clinicians with improved methods of identifying effective treatment solutions, and recipient of the Frost and Sullivan 2008 Technology Innovation Award in Pharmacogenomics, is pleased to announce that the company has been awarded $245,000, the maximum amount given for a grant under the US Qualifying Therapeutic Discovery Project (QTDP) Program.

“We are glad to receive this grant and the proceeds will be used to accelerate the Company's new product launches scheduled for 2011”

The QTDP grant provides recognition of Iris's patented Nano-Biochip™ and BioWindows™ Medical Informatics System for optimizing personalized and targeted medical treatment. The selection criteria includes a company's ability to diagnose diseases or conditions; to determine molecular factors related to diseases or conditions by developing molecular diagnostic guided therapeutic decisions; or to develop a product, process, or technology to further the delivery or administration of therapeutics.

The award is given to projects that show reasonable potential to result in new therapies to treat areas of unmet medical needs or to prevent, detect or treat chronic or acute diseases and conditions; to reduce long-term health care costs in the U.S.; or to significantly advance the goal of curing cancer within the next 30 years.

"We are glad to receive this grant and the proceeds will be used to accelerate the Company's new product launches scheduled for 2011," said CEO Simon Chin.

SOURCE Iris BioTechnologies Inc.