Aeolus Pharmaceuticals, Inc. (OTCBB: AOLS) today announced that it has been awarded a total of approximately $489,000 under the Qualifying Therapeutic Discovery Grant Program (QDTP) administered by the Internal Revenue Service and the Department of Health and Human Services. The Company submitted applications for the funding of the development of its lead compound AEOL 10150 as a medical countermeasure for Acute Radiation Syndrome/Delayed Effects of Acute Radiation Exposure and a second compound, AEOL 11207, which is being developed as a potential treatment for Parkinson's disease through funding by the Michael J. Fox Foundation.
“We are grateful for the support the QTDP grants will provide to further our development programs for AEOL 10150 and AEOL 11207”
"We are grateful for the support the QTDP grants will provide to further our development programs for AEOL 10150 and AEOL 11207," stated John L. McManus, President and Chief Executive Officer of Aeolus Pharmaceuticals, Inc. "Aeolus continues to benefit from its government collaborations, with the QTDP grants adding to our existing support from the National Institutes of Health, National Institute of Allergies and Infectious Diseases (NIH-NIAID) funding of our GI ARS research program and NIH-CounterACT funding of our chlorine gas and mustard gas programs. We plan to use the proceeds of these grants to run a proof of concept study of AEOL 10150 in patients with Non-Small Cell Lung Cancer, in support of our Lung ARS program, and to fund a portion of the toxicology work that will be necessary to take AEOL 11207 to IND for Parkinson's disease."
The QTDP program targeted projects that show potential to produce new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, reduce long-term health care costs in the United States, or significantly advance the goal of curing cancer within the next 30 years. As part of the review process for research projects, the Department of Health and Human Services evaluated each project and only projects that show a reasonable potential to meet these goals were certified as eligible for the credit or grant. Allocation of the credit also took into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The grant amounts were further limited because the QTDP program was oversubscribed resulting in the Company receiving significantly less than 50% of its qualifying expenditures.
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