ST. LOUIS, MO--(Marketwire - November 08, 2010) - Mobius Therapeutics™, LLC, developers of Mitosol™, announced that it has been awarded a grant of $244,479 under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program.
QTDP is specifically designed to promote medical research that could improve health and save lives. Included as part of the Patient Protection and Affordable Care Act of 2010, the QTDP program provides a tax credit to encourage investments in new therapies which prevent, diagnose and treat acute and chronic diseases. Companies such as Mobius Therapeutics™, which cannot currently use a tax credit, were allowed to apply for a cash grant in lieu of a tax credit.
Mitosol™ is an innovative product that provides for extended, on-site, room temperature storage of ophthalmic mitomycin-C. Together with a closed handling system, Mitosol™ permits safe and efficient delivery of a precise, single dose of ophthalmic mitomycin. It is currently awaiting regulatory approval.
"I am pleased that Mobius Therapeutics™ has been recognized by this program for having the potential to significantly improve glaucoma surgery for both patients and surgeons," said Ed Timm, President of Mobius Therapeutics™, LLC.
Companies that received QTDP grants were selected jointly by the Department of the Treasury and the Department of Health and Human Services. The grants are limited to companies with 250 or fewer employees. The Department of the Treasury further allocated the available funds among the most qualified applicants, because the program was substantially oversubscribed.
About Mobius Therapeutics™
Mobius Therapeutics™, LLC is an early stage venture focused on ophthalmic surgery solutions. Its first product, Mitosol™, is a system for delivering antifibrotic agents in glaucoma, refractive, and corneal surgery. Additional product applications are in earlier stages of development.