RYE, N.Y., Feb. 3, 2011 /PRNewswire/ -- Curemark, LLC, (www.curemark.com), a drug research and development company focused on the treatment of neurological diseases, recently hosted New York Senator Kirsten Gillibrand as she announced a new proposal to spur innovation and job creation, locally and nationally. Speaking at Curemark, which is developing an autism treatment, Senator Gillibrand detailed a new proposal to expand, simplify and make permanent the Research and Development tax credit.
More than 2,000 New York companies could take advantage of the R&D credit, which if it is made permanent, could increase private investment in R&D by more than $7.5 billion across the country, according to Senator Gillibrand.
"My number one focus is on creating good-paying, family-supporting jobs. By supporting research and development, we can help our businesses become more competitive and create the high tech jobs of tomorrow," Senator Gillibrand said. "New York is already home to the universities, businesses, laboratories, researchers and the bright minds we need for long-term economic strength. This proposal would leverage more private investment in our high-tech sector, creating good-paying jobs."
"As the CEO of a biotechnology company, Senator Gillibrand's initiative is extremely important to us," said Dr. Joan Fallon, Curemark founder and CEO. "By supporting cutting edge research in the biotechnology field, and thus allowing for innovation, these R&D tax credits will help to defray the costs of basic research and clinical programs, which can be prohibitive to the small biotech companies. We at Curemark are extremely grateful for the Senator's leadership on this issue."
Senator Gillibrand's proposal would expand the current credit by changing the formula to provide greater incentive for companies such as Curemark to increase investment; simplify the current credit, which is highly complicated and confusing; and make the new credit permanent, which would provide private companies with the confidence they need to make significant future investments in R&D.
Curemark is currently conducting Phase III clinical research for CM-AT, an autism treatment that targets enzyme deficiencies in autistic children, affecting the availability of amino acids, the building blocks of chemicals essential for brain function. CM-AT has received Fast Track status from the FDA.
About CUREMARK LLC
Curemark is a drug research and development company focused on the treatment of neurological and other diseases, especially those with dysautonomic components, by addressing certain key gastrointestinal/pancreatic secretory deficiencies. The company's initial products are based upon breakthrough observations by its founder, Dr. Joan Fallon, which revealed a lack of protein digestion in children with autism and ADHD. To learn more about our innovative science, visit www.curemark.com
Safe Harbor Statement
This news release contains forward-looking statements that involve risks and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statement. These forward-looking statements include, without limitation, statements regarding the mechanism of action of CM-AT, its potential advantages, its potential for use in treating autism, as well as the timing, progress and anticipated results of the clinical development and regulatory processes concerning CM-AT. These statements are based on our current beliefs and expectations as to such future outcomes, and are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. Factors that might cause such a material difference include, among others, risks that the results of clinical trials will not support our claims or beliefs concerning the effectiveness of CM-AT, our ability to finance our development of CM-AT, regulatory risks, and our reliance on third party researchers and other collaborators. We assume no obligation to update these statements, except as required by law.
|SOURCE Curemark, LLC|
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