PLANEGG, GERMANY and MUNICH, GERMANY and PRINCETON, NJ and HOUSTON, TX--(Marketwire - November 05, 2010) - Agennix AG (FRANKFURT: AGX) (XETRA: AGX) today announced that its U.S. subsidiaries have received approximately $490,000 in grants under the Qualifying Therapeutic Discovery Project program, which is part of the U.S. Patient Protection and Affordable Care Act. Two applications were submitted under this program related to work with talactoferrin and RGB-286638, the Company's multi-targeted kinase inhibitor, and the maximum grant was awarded to each project.
Torsten Hombeck, Ph.D., Chief Financial Officer, said: "We are pleased to have been awarded these grants, which provide non-dilutive funding for our development programs and which we believe are a testament to the potential our work has to improve the length and quality of patients' lives in areas of unmet medical need."
About the Qualifying Therapeutic Discovery Project program
The Qualifying Therapeutic Discovery Project tax credit, which can also be administered as a grant, is provided under section 48D of the U.S. Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010. The program is targeted to therapeutic discovery 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; to reduce the long-term growth of health care costs in the United States; or to significantly advance the goal of curing cancer within 30 years. Allocation of the credit or grant also takes into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The credit or grant is only available to taxpayers with no more than 250 employees.
Agennix AG is a publicly listed biopharmaceutical company that is focused on the development of novel therapies that have the potential to substantially improve the length and quality of life of critically ill patients in areas of major unmet medical need. The Company's most advanced program is talactoferrin, an oral therapy that has demonstrated activity in randomized, double-blind, placebo-controlled Phase II studies in non-small cell lung cancer, as well as in severe sepsis. Talactoferrin is currently in Phase III clinical trials in non-small cell lung cancer, and Agennix plans to develop this program further for the treatment of severe sepsis. Other clinical development programs include RGB-286638, a multi-targeted kinase inhibitor in Phase I testing, and a topical gel form of talactoferrin for diabetic foot ulcers. Agennix's registered seat is in Heidelberg, Germany. The Company has three sites of operation: Planegg/Munich, Germany; Princeton, New Jersey and Houston, Texas. For additional information, please visit the Agennix Web site at www.agennix.com.
This press release contains forward-looking statements, which express the current beliefs and expectations of the management of Agennix AG. Such statements are based on current expectations and are subject to risks and uncertainties, many of which are beyond our control, that could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially depending on a number of factors, and we caution investors not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date on which they are made and Agennix undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.
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