BELLEVUE, Wash.--(BUSINESS WIRE)-- Light Sciences Oncology, Inc. (LSO) today announced that it has received two grants totaling $244,479 each from the U.S. Treasury under the Qualifying Therapeutic Discovery Project tax credit program, an economic stimulus package for small biopharmaceutical companies created by the Patient Protection and Affordable Care Act of 2010. Cash grants were awarded based on a competitive application process after evaluation by the National Institutes of Health and the Internal Revenue Service.
LSO was awarded two Therapeutic Discovery grants for the development of its novel light-activated cancer drug Aptocine for treatment of primary and secondary liver tumors, and for treatment of benign prostatic hyperplasia (BPH). The liver cancer project, which is now nearing completion in two Phase 3 clinical trials, was awarded a grant of $244,479 for the costs of conducting the Phase 3 trials, as well as a portion of the drug and drug-activator development work, and R&D employee costs. The BPH project, now completing a Phase 2 trial, also won a grant of $244,479 for costs of the related Phase 1 and Phase 2 trials, drug-activator development work, and R&D employee costs.
To qualify for the grants, the company’s projects had to show “significant potential to produce new therapies, address unmet medical needs, reduce the long-term growth of health care costs, and advance the goal of curing cancer within the next 30 years,” according to program guidelines. Grants and tax credits went to projects that “show the greatest potential to create and sustain high-quality, high-paying jobs in the United States and to advance our competitiveness in the fields of life, biological, and medical sciences.” Individual grant amounts were based on reported project investments and a division of available funds among the qualifying projects.
About Light Sciences Oncology
Light Sciences Oncology (LSO) is developing Aptocine™ (talaporfin sodium) for the treatment of solid tumors as well as other indications such as benign prostatic hyperplasia (BPH). Aptocine is a water-soluble drug energized by a small, single-use, disposable drug activator included with the drug. Aptocine is designed to provide tolerable, effective, and repeatable treatments for patients. LSO has completed treatment in Phase 3 trials of Aptocine in patients with hepatocellular carcinoma (HCC) and patients with metastatic colorectal cancer (MCRC). LSO is also conducting clinical trials of Aptocine in benign prostatic hyperplasia (BPH), or enlargement of the prostate, and is supporting a trial of Aptocine in neurofibromatosis, and has clinical or preclinical programs in cardiovascular disease, eye disease, and dermatology. The company has positioned Aptocine to benefit an increasing number of patients with a strong portfolio of intellectual property and innovative applications in development.
Aptocine™ is a trademark of Light Sciences Oncology, Inc.
CONTACT:
Light Sciences Oncology, Inc.
Robert M. Littauer, Vice President, Chief Financial Officer & Treasurer, 425-957-8946
[email protected]
www.lsoncology.com
KEYWORDS: United States North America Washington
INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials Oncology Pharmaceutical Research Science
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