Receipt of QTDP Grant
November 08 2010 - 6:30AM
UK Regulatory
TIDMMEDG
RNS Number : 7830V
Medgenics Inc
08 November 2010
8 November 2010
Medgenics, Inc.
("Medgenics" or the "Company")
Medgenics receives U.S. Government Grant for Research that Shows the Greatest
Potential to Result in New Therapies
Misgav, Israel and London, UK - 8 November 2010 - Medgenics, Inc. (AIM: MEDG,
MEDU), the company that has developed a novel technology for the manufacture and
delivery of therapeutic proteins continuously in patients using their own
tissue, is pleased to announce that has been awarded a cash grant under the U.S.
Internal Revenue Service's Qualifying Therapeutic Discovery Project (QTDP)
program. The QTDP program provides grants to companies with fewer than 250
employees whose research shows the greatest potential to result in new
therapies. The QTDP's grants are provided under the new section 48D of the
Internal Revenue Code (IRC), enacted as part of the Patient Protection and
Affordable Care Act of 2010. The Company will use the grant totaling $244,479 to
further the development of its core Biopump technology.
CEO Andrew L. Pearlman said: "We very much appreciate the recognition of the US
Government in granting a QTDP award to Medgenics, and for the tangible support
it provides for our ongoing program to develop and apply the innovative Biopump
technology into new and improved therapies."
For further information, contact:
+----------------------------------+--------------------------+
| Medgenics, Inc. | Phone: +972 4 902 8900 |
| Dr. Andrew L. Pearlman | |
| | |
+----------------------------------+--------------------------+
| De Facto Communications | Phone: +44 207 861 3838 |
| Mike Wort | |
| Anna Dunphy | |
| | |
+----------------------------------+--------------------------+
| Religare Capital Markets (Nomad) | Phone: +44 207 444 0800 |
| James Pinner | |
| Derek Crowhurst | |
| | |
+----------------------------------+--------------------------+
| SVS Securities plc (Joint | Phone: +44 207 638 5600 |
| Broker) | |
| Alex Mattey | |
| Ian Callaway | |
| | |
+----------------------------------+--------------------------+
| Nomura Code Securities (Joint | Phone: +44 207 776 1219 |
| Broker) | |
| Jonathan Senior | |
| | |
| | |
+----------------------------------+--------------------------+
Leslie Wolf-Creutzfeldt
Grayling NY
Phone: 646-284-9472
Notes to Editors:
Medgenics is a medical technology and therapeutics company focused on providing
sustained protein therapies, having developed its unique tissue-based Biopump
platform technology to provide sustained-action protein therapy for the
treatment of a range of chronic diseases. The first revenue generating
commercial deal with a well known multinational pharmaceutical company was
negotiated in late 2009 and we look forward to generating additional deals to
further commercialise the Biopump platform technology.
Biopumps are made using needle biopsies taken from the lower layer of the
patient's skin under local anaesthetic, and processed during 10-14 days to
become 30 mm long tissue biofactories producing the required protein. The
requisite number of Biopumps are injected under the patient's skin to provide
sustained protein production and delivery for several months. The Company is
developing the Biopump to provide substantially greater safety and reliability
in protein treatment in a more cost effective manner than experienced with the
existing injected protein therapies. Medgenics currently has three products in
development based on this technology, addressing the indications of:
- anaemia - using EPODURE, a Biopump producing erythropoietin (EPO)
- hepatitis-C - using INFRADURE - a Biopump producing interferon-alpha (IFN-a)
- haemophilia - using a Biopump to produce clotting Factor VIII
The Company's Phase I/II clinical trial using EPODURE to treat anaemia in
patients with chronic kidney disease has demonstrated proof of concept of the
Biopump. Designed to produce and deliver a therapeutic dose of EPO steadily for
six months or more, EPODURE Biopumps have already provided anaemia treatment in
patients for 6 months or more, even at the low administered dose.
Medgenics intends to develop its innovative products and bring them to market
via multiple strategic partnerships with major pharmaceutical and/or medical
device companies. In addition to treatments for anaemia, hepatitis-C and
haemophilia, Medgenics plans to develop and/or out-license a pipeline of future
Biopump products targeting the large and rapidly growing global protein therapy
market, which is forecast to reach US $95 billion by the end of 2010. Other
potential applications of Biopumps producing various proteins include multiple
sclerosis, arthritis, paediatric growth hormone deficiency, obesity, and
diabetes.
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements, which include all statements
other than statements of historical fact, including (without limitation) those
regarding the Company's financial position, business strategy, plans and
objectives of management for future operations. These statements relate to
future events, prospects, developments and strategies. Forward-looking
statements are sometimes identified by their use of the terms and phrases such
as "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning,
"expect," "believe," "will," "will likely," "should," "could," "would," "may" or
the negative of such terms and other comparable terminology. All such
forward-looking statements are based on current expectations and are subject to
risks and uncertainties. Should any of these risks or uncertainties materialize,
or should any of the Company's assumptions prove incorrect, actual results may
differ materially from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these forward-looking
statements, which speak only as of the date made. The Company expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained herein to reflect any change in the
Company's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statements are based. As a result of these
factors, the events described in the forward-looking statements contained in
this release may not occur.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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