WOONSOCKET, R.I., Jan. 3, 2012 /PRNewswire/ -- MultiCell Technologies, Inc. (OTC Bulletin Board: MCET.OB) has received the final cash grant award payment of $303,102 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, and provides a tax credit or cash grant equal to eligible costs and expenses.
To be eligible, a therapeutic development project must: (i) have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; (ii) reduce long-term health care costs; (iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or (v) create or sustain well-paying jobs, either directly or indirectly.
"We are pleased that our drug development programs for the treatment of cancer (MCT-465/485 and MCT-475) and for the treatment of fatigue in multiple sclerosis patients (MCT-125) qualified for certification under the QTDP program," said W. Gerald Newmin, Chairman and CEO of MultiCell.
MultiCell applied for and was awarded a combined total of $1,466,875 as qualifying expenses under the QTDP program. The Company elected to take a cash grant in the amount of $733,437 rather than a $1,466,875 future tax credit. The Company had earlier received payments of $430,335 under this grant in 2010 and 2011 leaving the recently paid balance of $303,102.
About MultiCell Technologies, Inc.
MultiCell Technologies, Inc., and its majority owned subsidiary Xenogenics Corporation, are developing novel therapeutics and discovery tools that address unmet medical needs for the treatment of neurological disorders, cancer, cardiac and hepatic disease and some types of autoimmune diseases. For more information about MultiCell Technologies, please visit http://www.multicelltech.com.
Caution Regarding Forward-Looking Statements
Any statements in this press release about MultiCell's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). These statements are often, but not always, made through the use of words or phrases such as "believe", "will", "expect", "anticipate", "estimate", "intend", "plan", "forecast", "could", and "would". MultiCell bases these forward- looking statements on current expectations about future events. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by any forward-looking statement. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections in the forward-looking statement include, but are not limited to, the risk that we might not achieve our anticipated clinical development milestones, receive regulatory approval, or successfully commercialize our products as expected, the market for our products will not grow as expected, and the risk that our products will not achieve expectations. For additional information about risks and uncertainties MultiCell faces, see documents that MultiCell files with the Securities and Exchange Commission, including MultiCell's report on Form 10-K for the fiscal year ended November 30, 2010, and all of MultiCell's quarterly and other periodic SEC filings. MultiCell claims the protection of the safe harbor for forward-looking statements under the Act and assumes no obligation and expressly disclaims any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.
SOURCE MultiCell Technologies, Inc.