NEW YORK, NY and SHENZHEN, CHINA--(Marketwire - May 27, 2011) - Advanced BioMedical Technologies Inc. (OTCQB: ABMT) (PINKSHEETS: ABMT), developer and manufacturer of orthopaedic internal fixation devices, is delighted to announce that the Company has received the maximum amount of USD 244,479.25 for one grant under the U.S. Government's Qualifying Therapeutic Discovery Project, a program created as part of the Patient Protection and Affordable Care Act of 2010. The grant is to support the ongoing development of bio-absorbable internal fixation devices, the Company's novel treatment for orthopaedic trauma.
The Qualifying Therapeutic Discovery Project grants are provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). Grants are awarded to projects that show 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.
The IRS, in conjunction with the Department of Health and Human Services, approved applications for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness under the Qualifying Therapeutic Discovery Project program. Only projects that show a reasonable potential to meet these goals were certified as eligible for the credit or grant.
Frank Pelaia, member of the Company's Advisory Board who had served 33 years as a US Army officer, commented: "Awarding this grant to Advanced BioMedical Technologies Inc., demonstrates the importance of the Company's ongoing successful research on human and animal clinical trials that were conducted. Not only will these products be helpful for the restoration of quality of life and speedy recovery of servicemen and women of all nations during world conflicts, the benefits that will be derived for the rest of society as a whole will also be significant."
Wang Hui, CEO of the Company, said: "We are pleased that our Bio-degradable orthopaedic device has qualified for this recognition. We look forward to reporting the progress of other similar devices in the near future."
About Advanced Biomedical Technologies Inc. (OTCQB: ABMT) (PINKSHEETS: ABMT)
Advanced Biomedical Technologies, Inc. is a revolutionary new biotech company. The company's primary product line includes internal fixation devices consisting of high grade polymers (polyamide - "PA") which allow the body to degrade the products during the healing process. During that healing process, these products also stimulate new bone growth that replaces the degrading device and leaves newer, stronger bone in the exact location of the injury; thus making the site of the injury stronger and more resistant to recurring damage. These products provide an alternative to metal implants and overcome the limitations of other re-absorbable fixation devices.
The products and materials that the Company has created differ from existing products (titanium/stainless steel) being marketed today by:
- The ability to control the speed that the device degrades; therefore improving upon the healing time.
- Eliminating the need for a second surgery to replace device due to infection or other post-operative complications.
- The capability of being evenly absorbed from outer layer inwards, so that it gives enough restoration time for bone healing and re-growth.
This release contains forward-looking statements which are made pursuant to provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that such statements in this release, including statements relating to regulatory and business strategies, plans and objectives of management and growth opportunities for existing or proposed products, constitute forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. The risks and uncertainties include, without limitation, risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured, we may lack financial resources to complete development or marketing of our products, government regulatory agencies may interpret the results of studies differently than us, competing products may be more successful, demand for new pharmaceutical products may decrease, the biopharmaceutical industry may experience negative market trends, our continuing efforts to develop bone fixation devices may be unsuccessful, our common stock could be delisted from the over-the-counter market, and other risks and challenges detailed in our filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.