MEDIA RELEASE PR42086
U.S. Government Grants Awarded For Further Development Of Adult Stem Cell Products
MELBOURNE, Australia, Nov. 8, 2010 /Medianet International-AsiaNet/ --
Regenerative medicine company, Mesoblast Limited (ASX:MSB; USADR:MBLTY), today announced that its
United States associate company, Angioblast Systems, has been awarded $1.2 million in grants under the United
States Government's Qualifying Therapeutic Discovery Project (QTDP) program.
Angioblast received the maximum grant amount awarded for each of the five projects that were eligible for QTDP
funding. The projects, selected jointly by the United States Treasury Department and the Department of Health
and Human Services, relate to the company's adult stem cell products for congestive heart failure, heart attack,
oncology, eye and diabetes indications.
"We are pleased to have received this cash award, and will use the funds to advance our objectives for product
commercialization," said Mesoblast Chief Executive Professor Silviu Itescu.
The QTDP program was enacted as part of the Patient Protection and Affordable Care Act of 2010 to provide tax
credits to eligible companies in order to encourage investments in new therapies for prevention or treatment of
acute and chronic diseases. Companies, such as Angioblast Systems, that cannot currently use a tax credit were
allowed to apply for a cash grant in lieu of a tax credit.
To be eligible for the program, projects had to show reasonable potential to result in new therapies to treat areas
of unmet medical need, prevent, detect, or treat chronic or acute disease and conditions, or reduce long-term
health care costs in the United States. Preference was given to projects that showed the greatest potential to
create and sustain (directly or indirectly) high quality, high-paying jobs in the United States, and advance United
States competitiveness in the fields of life, biological, and medical sciences.
"The award serves as further external recognition, in this case by the United States Government, of the strength
and promise of our adult stem cell technology platform to deliver effective therapies for a range of conditions
currently in great medical need," said Professor Itescu.
About Mesoblast
Mesoblast Limited (ASX: MSB; USADR: MBLTY) is a world leader in commercializing biologic products for the
broad field of regenerative medicine. Mesoblast has the worldwide exclusive rights for a series of patents and
technologies developed over more than 10 years relating to the identification, extraction, culture and uses of adult
Contact:
Julie Meldrum
Mesoblast Limited
+61 3 9639 6036
julie.meldrum@mesoblast.com
SOURCE: Mesoblast Limited
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