US-China Pharmaceutical Venture Ascletis, Inc. Receives Record-Level Research and Development Grant from Hangzhou  
1/4/2012 8:40:12 AM

RESEARCH TRIANGLE PARK, N.C. & HANGZHOU, China--(BUSINESS WIRE)--Ascletis, Inc., a U.S.-China joint venture pharmaceutical company, today announced it has received a record level research and development grant from Hangzhou National Hi-Tech Industrial Development Zone (HHTZ) under that organization’s “5050 Plan.” The 10 million RMB grant (approximately US$1.6 million) is the largest startup company grant in the history of the 5050 Plan, whose goal is to incentivize and assist start-up, technology-based companies within HHTZ, Hangzhou, Zhejiang Province.