We are pleased to receive this non-dilutive contribution to the development of our cancer programs
Jupiter, FL (PRWEB) November 8, 2010
GLG Pharma, a Florida-based biotechnology company, announced today that it was awarded a cash grant of approximately $733,438 under the U.S. Government's Qualifying Therapeutic Discovery Project ("QTDP") program. The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act. The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to have reasonable potential to result in a new therapy, reduce health care costs, or represent a significant advance in finding a cure for cancer. “We are pleased to receive this non-dilutive contribution to the development of our cancer programs,” said Hector J Gomez, MD, PhD, President and CEO. “It will help us expedite the initiation of clinical trials next year.”
Proceeds of the grant will be used to advance the development of three product candidates, GLG-202, GLG-302, GLG-401, all STAT3 inhibitors, representing a new generation of cancer therapy. “This was a very competitive process and we are grateful for the federal support of these three therapeutic candidates," said Michael W. Lovell, Ph.D., Executive Vice President of GLG Pharma. “We believe awarding these grants to GLG provides validation for our development programs.”
About GLG Pharma
GLG Pharma, is an early stage Florida biotechnology company founded to develop personalized therapies for patients with cancer. GLG Pharma's therapeutics will treat a wide variety of cancers and address unmet needs in the multi-billion ($75-80 billion by 2012) dollar anti-cancer market with potentially greater efficacy and fewer side effects than existing therapies.