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NuView Life Sciences Awarded Grants Under the Patient Protection and Affordable Care Act of 2010
Date:11/4/2010

PARK CITY, Utah, Nov. 4, 2010 /PRNewswire/ -- NuView Life Sciences, Inc ("NuView"), a biopharmaceutical company specializing in the development of proprietary target specific biomarkers for utilization with Positron Emission Tomography ("PET") imaging procedures, announced today that its applications for the Qualifying Therapeutic Discovery Project Credit ("Therapeutic Credit") were approved.

The grants totaling just over $1.2 million dollars were awarded to NuView for further development and validation of several of the Company's projects. The diagnostic imaging biomarker projects that were approved under the Therapeutic Credit program are for breast cancer, lymphoma, cancer proliferation and cardiovascular imaging.

"We are very pleased that the underlying science of our pipeline candidates has been recognized under the Therapeutic Credit program, further enabling the clinical advancement of these projects," commented Paul Crowe, Chairman and Chief Executive Officer of NuView.

About the Qualifying Therapeutic Discovery ProjectThe Qualifying Therapeutic Discovery Project tax credit or grant is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The tax credit or grant is a benefit targeted to therapeutic discovery projects that show a reasonable potential to:

  • Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions;
  • Reduce the long-term growth of health care costs in the United States, or significantly advance the goal of curing cancer within 30 years.

  • Allocation of the credit or grant also takes into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The credit or grant is only available to
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    SOURCE NuView Life Sciences, Inc
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