U.s. Government Grants Awarded For Further Development Of Adult Stem Cell Products

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8th November 2010, 08:15pm - Views: 5174

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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


    Julie Meldrum

    Mesoblast Limited

    +61 3 9639 6036


    SOURCE: Mesoblast Limited

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