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Pepex™ Awarded Qualifying Therapeutic Discovery Project Grant
Date:12/21/2010

ST. LOUIS, Dec. 21, 2010 /PRNewswire/ -- Today, Pepex Biomedical, Inc. announced that the company has been awarded a grant of $244,479.25 under the Qualifying Therapeutic Discovery Project created by Congress as a component of the Patient Protection and Affordable Care Act of 2010, the major health care reform bill, signed into law by President Obama on March 23, 2010.  Pepex submitted their ground-breaking, patented, electrochemical biosensor, nanotechnology and the company received the maximum allowable grant amount.  The Pepex technology can be used in a wide array of products for more rapid diagnosis and intervention of disease which will improve patient quality-of-life and save lives.

Pepex CEO, Steve Collins said, "We are delighted to receive the grant.  These funds were awarded to a select group of companies and this represents another confirmation of Pepex' potential as a valuable contributor to the medical community, for improved patient care."

The Qualifying Therapeutic Discovery Project (QTDP) offers, at the discretion of each recipient company, either a tax credit or grant equal to eligible costs and expenses for tax years 2009 and 2010. Each grant cannot exceed $244,479.25.  The objective of the QTDP was to assist small, innovative biomedical companies with the ultimate goal of reducing long-term, healthcare costs in the United States.

The QTDP defined clear and strict submission qualifications to drive successful attainment of its goal. Only companies with less than 250 employees could submit project applications for grant consideration.  The winning group of recipients has an average number of 20 employees.  Projects submitted were required to demonstrate reasonable potential to result in new therapies for treatment of unmet medical needs in the areas of prevention and detection of chronic or acute disease
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SOURCE Pepex Biomedical, Inc.
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