November 3, 2010 -- CHARLOTTESVILLE, VA— Skyentia Technologies LLC announced today that it has been awarded over $260,000 in qualified investment grants and funding through the Qualified Therapeutic Discovery Program (QTDP).
The QTDP program seeks to fund projects that show reasonable potential to result in new therapies to treat areas of unmet medical need; prevent, detect, or treat diseases and conditions; reduce long-term health care costs in the United States; or provide effective cancer treatments. The program focuses on projects with the greatest potential to create and sustain high quality, high-paying jobs in the United States, and advance United States competitiveness in the fields of life, biological, and medical sciences.
"This grant is a major endorsement of our approach and provides us the capital to continue promising projects and bring them closer to market," said Dr. Richard J. McMurtrey, President of Skyentia Technologies. “The receipt of these funds will greatly advance our work and research in creating new solutions to unsolved problems in medicine and science.”
Founded in November 2009, Skyentia Technologies is a medical research and development company focused on advancements in biotechnology and medical devices. The company already has patents pending on novel therapeutic products and techniques that were developed alongside other research and development projects.
This grant will help fund research and development on key therapeutic projects and eventually enable the company to begin soliciting investments from qualified investors. Grant recipients were reviewed and selected by the Department of Health and Human Services and the Treasury Department.
“As a relatively new startup in the biotechnology market we have already made impressive progress, which is exciting to us and to potential investors,” McMurtrey said. “Up until now we have stayed entirely self-funded, but as we move forward, grants and investments like this will help advance our research and development capabilities and give us the ability to bring these advances to a wider market.”
About Skyentia Technologies
Skyentia Technologies was founded in November 2009 and is a company focused on several research and development projects pertaining to both biotechnology and medical devices. This includes projects such as the development of implantable therapeutic systems, development of non-invasive monitoring interfaces and diagnostic systems, strategies for neuroprotection in stroke and traumatic brain injury, and the discovery of novel therapeutic agents. More information can be obtained at their website www.skyentia.com.
For media inquiries, please contact Press@Skyentia.com