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NovaSperse(SM) Nanoparticle Innovator, PharmaNova, Inc., Awarded Four Government Grants Toward Development of New Therapeutic Products Under Congressional Qualifying Therapeutic Discovery Project Initiative
Date:11/8/2010

VICTOR, N.Y., Nov. 8, 2010 /PRNewswire/ -- PharmaNova, Inc., of Victor, NY, announced today that the Company has been awarded multiple grants worth in excess of $500,000 under the Qualifying Therapeutic Discovery Project (QTDP), which was created by Congress as part of the Patient Protection and Affordable Care Act of 2010. In July, PharmaNova applied for project grants to support development of multiple NovaSperse(SM)-based nanoparticulate products. NovaSperse(SM) is a unique process developed by PharmaNova for the de novo creation of nanoparticles of tightly controlled particle size. The process facilitates particle surface modifications and treatments that further influence solubility, absorption, distribution and e.g. drug-tissue targeting. Grants were awarded to PharmaNova to support further research in the areas of anti-viral treatments; new treatments for ophthalmic disease; targeted delivery of oncology medicines; and the design and development of an implantable drug delivery device. The QTDP is overseen by the Internal Revenue Service and Health & Human Services Department, and is specifically designed to assist small biotech companies engaged in competitive and innovative discoveries in healthcare.

PharmaNova will be exhibiting NovaSperse(SM) nanoparticle technology capabilities (Booth #2256) at the upcoming American Association of Pharmaceutical Scientists (AAPS) Annual Meeting and Exposition, 2010 FIP Pharmaceutical Sciences World Congress, New Orleans LA, November 14-18, 2010.

About QTDP

To be eligible, a QTDP must have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; reduce long-term health care costs; represent a significant advance in finding a cure for cancer; advance U.S. competitiveness in the fields of life, biological, and medical sciences; or create or sustain well-paying jobs, either direct
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SOURCE PharmaNova Inc.
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