Darien, CT (PRWEB) November 9, 2010
Cytogel Pharma, LLC, today announced that it has been awarded approximately $244,000 of federal government grants under the Qualifying Therapeutic Discovery Project program under section 48D of the Internal Revenue Code. The program provided for $1.0 billion in federal subsidies in the form of up to a 50% investment tax credit or an elective up to a 50% cash grant for certain expenses incurred during 2009 or 2010 with an individual taxpayer cap of $5.0 million.
The program was oversubscribed and therefore the grant for each certified application was limited. The Company received the award granted for the project application it submitted, related to Cytogel's program targeting the treatment of pain with its novel Cyt-1010 product, which is about to enter the clinical phase of development. The Company expects to receive payment for the entire grant within the next few weeks.
To learn more on Cytogel, log on to http://www.cytogelpharma.com.