Glycotex Inc. Awarded Cash Grant Under the U.S. Government Qualifying Therapeutic Discovery Program
11/24/2010 6:48:02 AM
ROCKVILLE, Md., Nov. 24, 2010 /PRNewswire/ -- Glycotex, Inc., a clinical stage biopharmaceutical company, announced today that it has been awarded a cash grant totaling $244,479 under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act of 2010.
Glycotex received the grant for its program to develop GLYC-101 Gel investigational product for the treatment of acute and chronic wounds.
GLYC-101 is being developed to stimulate and modulate the natural cascade of wound healing activities of several cell populations. The product candidate is a topical gel to be applied directly on the wound surface.
The strategic priorities for GLYC-101 include wound healing following laser ablation, burn wounds, surgical wounds, venous ulcers, and diabetic ulcers.
About Glycotex, Inc.
Glycotex, Inc. is a U.S. based development stage biopharmaceutical company focused on discovering and developing therapies intended to accelerate human wound healing and tissue repair across a wide range of human applications. It has licensed from Novogen Limited (ASX: NRT NASDAQ: NVGN) certain patent rights and know-how to use and exploit its technology in a wide range of wound healing applications. Glycotex, Inc., is an 81 percent owned subsidiary of Novogen Limited. For more information, visit www.glycotexinc.com.
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SOURCE Glycotex, Inc.