ACTON PHARMACEUTICALS, INC. AWARDED GRANT FOR AEROSPAN (flunisolide HFA, 80 mcg) UNDER THE QUALIFYING THERAPEUTIC DISCOVERY PROJECT
MARLBOROUGH, Mass., Nov. 2, 2010 - Acton Pharmaceuticals, Inc., a specialty respiratory pharmaceutical company, today announced that is has been awarded a non-taxable grant related to the development of AEROSPAN(r), by the United States Government under the Qualifying Therapeutic Discovery Project (QTDP).
To be eligible for the QTDP grant, development projects must have reasonable potential to result in new therapies to treat areas of unmet medical need; prevent, detect, or treat chronic or acute disease and conditions, reduce long-term health care costs in the United States; or significantly advance the goal of curing cancer within a 30-year period.
"Acton is honored by this award," said Patrick Noland, Executive Vice President, Technical Operations. "We are delighted to receive this grant and apply these added resources to develop respiratory medicines that help improve the lives of patients."
The QTDP Program was created by Congress on May 21, 2010 under Section 48D of the Internal Revenue Code. Projects were reviewed by the Department of Health and Human Services and the Treasury Department. About Acton
Acton is a specialty respiratory pharmaceutical company dedicated to acquiring, developing, and commercializing prescription drugs to improve the well-being of patients. Acton's corporate headquarters are located in Marlborough, Massachusetts. To learn more about Acton, please visit our website at www.actonpharmaceuticals.com
Aerospan is a registered trademark of Forest Laboratories, Inc.
Contact: Acton Pharmaceuticals Inc.
Daniel L. Kreisler, President