WOONSOCKET – MultiCell Technologies, a clinical-stage biopharmaceutical company developing therapeutics and discovery tools for the treatment of neurological disorders, hepatic disease and cancer, said that it received its final payment of a grant from the federal government.
MultiCell received $303,102 on Tuesday through the Qualifying Therapeutic Discovery Project as a final installment of the $733,437 cash grant it was awarded in total. The company elected to take the cash grant, rather than the $1,466,875 it was awarded as a future tax credit.
The QTDP program targets 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.
“We are pleased that our drug development programs for the treatment of cancer (MCT-465/485 and MCT-475) and for the treatment of fatigue in multiple sclerosis patients (MCT-125) qualified for certification under the QTDP program,” said W. Gerald Newmin , chairman and CEO of MultiCell in a news release.