THOUSAND OAKS, Calif., Nov 22, 2010 /PRNewswire/ -- ImmunGene, Inc., a privately held drug development company focused on targeted antibody therapeutics with numerous anti-cancer functions built into a single therapy, announced today that it has received a $244,479 grant under The Patient Protection and Affordable Care Act of 2010 (PPACA). The grant was related to the development of ImmunGene’s technology which is based on antibody-cytokine fusions that have demonstrated targeted toxicity and added tumor benefits. ImmunGene’s technology empowers monoclonal antibodies targeted to tumor cells by fusing them to immune effector molecules; that is, cytokine, chemokine and co-stimulatory molecules, thereby combining the specificity of antibodies with the potent anti-tumor effects of the immune effector molecule.
The PPACA provides small and mid-sized biotech, pharmaceutical and medical device companies with up to a 50% tax credit for investments in qualified therapeutic discoveries for tax years 2009 and 2010, or a grant for the same amount tax-free. The tax credit/grant program covers research and development costs from 2009 and 2010 for all qualified “therapeutic discovery projects.”
A qualifying therapeutic discovery project is one designed to either treat or prevent diseases or conditions by conducting preclinical studies or clinical trials or carrying out research protocols for the purpose of securing approval from the Food and Drug Administration; or diagnose diseases or conditions or to determine molecular factors relating to diseases or conditions by developing molecular diagnostics to guide therapeutic decisions. Qualifying companies must not have more than 250 employees in all businesses of the taxpayer (e.g., a small biotech project at a large pharmaceutical company would not qualify).
Dr. Sanjay Khare, CEO of ImmunGene, said, “We are pleased that our technology platform of next generation monoclonal antibody-based therapeutics to treat cancer, autoimmune disorders and other diseases is recognized as worthy of this development award. This grant will assist us in advancing our antibody-cytokine fusions that have demonstrated targeted toxicity and added tumor benefits over existing therapies through in vitro and in vivo preclinical testing.”
About ImmunGene, Inc.
ImmunGene is a privately-held, drug discovery and development company, leading the use of tapping the power of the immune system to develop the next generation of antibody based therapeutics to treat cancer and infectious diseases. For more information please visit www.immungene.com.
This press release contains certain forward-looking statements relating to our business. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials and product development programs. There can be no assurance that any product in ImmunGene’s pipeline or technology platform will be successfully developed or manufactured, that final results of clinical studies will be supportive of regulatory approvals required to market licensed products, or that any of the forward-looking information provided herein will be proven accurate.
SOURCE ImmunGene, Inc.
