Nov 3 2010
GenVec, Inc. (Nasdaq: GNVC) announced today that it was awarded a cash grant of approximately $244,479 under the U.S. Government's Qualifying Therapeutic Discovery Project ("QTDP") program.
The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act and provides a tax credit or grant equal to 50% of eligible costs and expenses for tax years 2009 and 2010. The Department of Treasury further allocated these credits and grants among qualified applicants since the program was oversubscribed. The Company submitted and received a grant for its oncology program, TNFerade™.