Navigation Links
MultiCell Technologies Receives Final Payment Under QTDP Program
Date:1/3/2012

WOONSOCKET, R.I., Jan. 3, 2012 /PRNewswire/ -- MultiCell Technologies, Inc. (OTC Bulletin Board: MCET.OB) has received the final cash grant award payment of $303,102 under the U.S. Government's Qualifying Therapeutic Discovery Project ("QTDP") program.  The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provides a tax credit or cash grant equal to eligible costs and expenses.

To be eligible, a therapeutic development project must: (i) have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; (ii) reduce long-term health care costs; (iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or (v) create or sustain well-paying jobs, either directly or indirectly. 

"We are pleased that our drug development programs for the treatment of cancer (MCT-465/485 and MCT-475) and for the treatment of fatigue in multiple sclerosis patients (MCT-125) qualified for certification under the QTDP program," said W. Gerald Newmin, Chairman and CEO of MultiCell.   

MultiCell applied for and was awarded a combined total of $1,466,875 as qualifying expenses under the QTDP program. The Company elected to take a cash grant in the amount of $733,437 rather than a $1,466,875 future tax credit. The Company had earlier received payments of $430,335 under this grant in 2010 and 2011 leaving the recently paid balance of $303,102. 

About MultiCell Technologies, Inc.

MultiCell Technologies, Inc., and its majority owned subsidiary Xenogenics Corporation, are developing novel therapeutics and discovery tools that address unmet medical needs for the treatment of neurological disorders, cancer, cardiac and hepatic disease and some types of autoimmune diseases. For more information about MultiCell Technologies, please visit http://www.multicelltech.com.

Caution Regarding Forward-Looking Statements

Any statements in this press release about MultiCell's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act").  These statements are often, but not always, made through the use of words or phrases such as "believe", "will", "expect", "anticipate", "estimate", "intend", "plan", "forecast", "could", and "would". MultiCell bases these forward- looking statements on current expectations about future events.  They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by any forward-looking statement.  Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections in the forward-looking statement include, but are not limited to, the risk that we might not achieve our anticipated clinical development milestones, receive regulatory approval, or successfully commercialize our products as expected, the market for our products will not grow as expected, and the risk that our products will not achieve expectations.  For additional information about risks and uncertainties MultiCell faces, see documents that MultiCell files with the Securities and Exchange Commission, including MultiCell's report on Form 10-K for the fiscal year ended November 30, 2010, and all of MultiCell's quarterly and other periodic SEC filings.  MultiCell claims the protection of the safe harbor for forward-looking statements under the Act and assumes no obligation and expressly disclaims any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.


'/>"/>
SOURCE MultiCell Technologies, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. MultiCell and University Health Network Will Evaluate Two Potential Therapies for Liver Cancer Treatment
2. MultiCell Technologies is Granted Stem Cell Patent
3. MultiCells Majority Owned Subsidiary Acquires Bioabsorbable Interventional Cardiology Stent Assets
4. MultiCell Technologies Launches New Web Site
5. MultiCell Hires Clinical Research Organization to Manage MCT-125 Phase IIb Clinical Trial
6. MultiCell Technologies Is Granted European Patent for the Treatment of Cancer
7. MultiCell Technologies is Granted U.S. Patent for Immortalized Human Liver Cell Lines
8. MultiCell Technologies Signs Liver Stem Cell R&D Agreement To Develop Products for the Study of Liver Cancer
9. Transdermal Drug Delivery - Technologies, Markets, and Companies
10. Pulmonary Drug Delivery Systems: Technologies and Global Markets
11. Veran Medical Technologies Launches New SPiN Drive™ Application for Bi-Planar Virtual Fluoroscopy View
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/2/2017)... Mich. , Oct. 2, 2017 Diplomat ... 8th Day Software and Consulting, LLC , and ... 8th Day Software, based in Tennessee ... LLC. 8th Day expands EnvoyHealth,s service offerings for health ... development. "In an ...
(Date:9/28/2017)... , Sept. 28, 2017 Hill-Rom Holdings, ... 2017 earnings conference call and webcast on Friday, November ... a.m. (EDT) and ending at approximately 8:30 a.m. (CDT) ... discussing the company,s 2017 financial performance and guidance for ... opportunities, initiatives to enhance operational performance, and long-range financial ...
(Date:9/25/2017)... , Sept. 25, 2017  EpiVax, Inc., ... vaccine design, and immune-engineering today announced the launch ... the development of personalized therapeutic cancer vaccines. EpiVax ... provided exclusive access to enabling technologies to the ... MBA will lead EpiVax Oncology as Chief Executive ...
Breaking Medicine Technology:
(Date:10/12/2017)... ... October 12, 2017 , ... Asante, a nationally ... care, have expanded their existing home health joint venture through an agreement, effective ... operating a joint venture home health company with Asante, delivering clinically integrated care, ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... has recently contributed a medical article to the newly revamped Cosmetic Town ... article spotlights the hair transplant procedure known as Follicular Unit Extraction ...
(Date:10/12/2017)... ... October 12, 2017 , ... Leading pediatric oncology experts at Children’s National ... 49th Congress of the International Society of Paediatric Oncology (SIOP) Oct. 12-15. ... for Cancer and Blood Disorders at Children’s National, and Stephen P. Hunger, M.D., ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... one of Michigan’s 2017 Best and Brightest in Wellness® by Best and Brightest. ... awards program on Friday, Oct. 20 from 7:30 a.m. to 2 p.m. at ...
(Date:10/12/2017)... BALTIMORE (PRWEB) , ... October 12, 2017 , ... ... average of $3,296 in property taxes a year. In some states—like New York, ... higher. , By contrast, many overseas retirement havens have extremely low property-tax rates, ...
Breaking Medicine News(10 mins):