NORTH BRUNSWICK, N.J.--(BUSINESS WIRE)-- Advaxis, Inc., (OTCBB: ADXS), the live, attenuated Listeria monocytogenes (Listeria) immunotherapy company was awarded a Qualifying Therapeutic Discovery Project (QTDP) credit from the Federal Government for ADXS11-001, the Company’s lead immunotherapeutic construct totaling $244,479.
“This non-dilutive funding will support our on-going phase II clinical trials in cervical cancer,” said Advaxis Chairman/CEO Thomas A. Moore.
About Qualifying Therapeutic Discovery Project
The QTDP was created by Congress as part of the Patient Protection and Affordable Care Act of 2010 and provides a tax credit or grant equal to eligible costs and expenses for tax years 2009 and 2010. The program is targeted to therapeutic discovery projects that show reasonable potential and can:
- 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 will also take 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. More information is available at www.irs.gov.
About Advaxis, Inc.
Advaxis is a biotechnology company developing proprietary, live, attenuated Listeria monocytogenes (Listeria) vaccines that deliver engineered tumor antigens, which stimulate multiple, simultaneous immunological mechanisms to fight cancer. Today, the Company has nine (9) distinct, cancer-fighting constructs in various stages of development, four (4) clinical trials in progress and two (2) Cooperative Research and Development Agreements (CRADA) in place with the National Cancer Institute and the Department of Homeland Security, respectively. Additionally, the Company conducts direct and strategic collaborations with such recognized sites of excellence as the City of Hope, the Roswell Park Cancer Institute, the University of Pittsburgh and the University of British Columbia.
Advaxis’ technology was developed by Dr. Yvonne Paterson, professor of microbiology at the University of Pennsylvania and chairperson of Advaxis’ scientific advisory board.
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company’s current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
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INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials Oncology Pharmaceutical