Synageva receives $2.3 million under QTDP program

Nov 4 2010

Synageva BioPharma Corp., a privately held biopharmaceutical company developing novel treatments for rare diseases, today announced that the US Treasury Department awarded approximately $2.3 million to Synageva BioPharma as part of the Qualifying Therapeutic Discovery Project Program.

“Senator Kerry's inherent understanding of the need for tomorrow's leaders of the biotech industry to raise money today led to this very practical initiative that supports Synageva's ability to deliver life-changing therapies to patients in need”

Senator John Kerry of Massachusetts sponsored the program, a provision of the recently passed healthcare reform bill that allows for grants or tax credits for qualifying projects. As stated in the legislation, qualifying projects include those that "treat or prevent diseases or conditions by conducting pre-clinical activities, clinical trials, and clinical studies, or carrying out research protocols." Synageva BioPharma qualified for 12 grants under the program.

"Senator Kerry's inherent understanding of the need for tomorrow's leaders of the biotech industry to raise money today led to this very practical initiative that supports Synageva's ability to deliver life-changing therapies to patients in need," said Eric Grinstead, Senior Vice President at Synageva BioPharma.

"This tax credit will save lives," said Senator Kerry. "It supports the kind of breakthrough research that can cure diseases and transform lives. Massachusetts is a global leader in life science research, and I'm thrilled that Synageva BioPharma Corp. will now have access to a tax credit that will create jobs and support ground-breaking medical advances."

"We appreciate the support for our programs," said Sanj K. Patel, President and CEO of Synageva BioPharma. "These awards will advance our pipeline, including our lead program, SBC-102, an enzyme replacement therapy under development for patients suffering from Lysosomal Acid Lipase (LAL) Deficiency, a disease that currently has no approved treatments."