RICHMOND, Calif., Nov. 3, 2010 /PRNewswire/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) announced that the company has been awarded a total of $978,000 in grants for four qualifying therapeutic projects under the Qualifying Therapeutic Discovery Project Program.
Under the recently enacted Patient Protection and Affordable Care Act, which added section 48D of the Internal Revenue Code, cash grants were awarded to Qualifying Therapeutic Discovery Projects that showed significant potential to produce new and cost-saving therapies, support job growth and increase U.S. competitiveness in life, biological and medical sciences. Grants were awarded through a competitive application process administered by the Departments of Health and Human Services and the Treasury.
"We believe that the selection of our programs for these grants is a reflection of the potential of our proprietary ZFP technology platform for the development of a novel class of drugs to address unmet medical needs," said Edward Lanphier, Sangamo's president and CEO. "These awards will directly contribute to the development and commercialization of our ZFP Therapeutic programs."
Sangamo submitted applications for four qualifying projects:
Each project was awarded $244,000 based on qualifying expenses incurred by Sangamo. The total amount awarded is expected to be received, and recognized as research grant revenues, during the fourth quarter of 2010.
Sangamo BioSciences, Inc. is focused on research and development of novel DNA-binding prot
|SOURCE Sangamo BioSciences, Inc.|
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