TransTech Pharma, High Point receive $1.96 million grants under QTDP program

Nov 8 2010

TransTech Pharma, Inc. and High Point Pharmaceuticals, LLC. today announced that they have been awarded cash grants totaling $1.96 million under the U.S. Government's Qualifying Therapeutic Discovery Project ("QTDP") program.

TransTech submitted applications for four programs currently in clinical development and received awards for all of them. Those programs are:

• TTP054 - Glucagon-like Peptide1 Agonist which is a novel new therapeutic for Type 2 diabetes currently in phase 2A clinical trials
• TTP399-Glucokinase Activator which is a novel new therapeutic for the treatment of Type 2 diabetes, recently licensed to Forest Laboratories., Inc and is currently in phase 2A clinical trials
• TTP4000 - RAGE Ligand Decoy which is a new therapeutic for Alzheimer's Disease and is entering phase 1 clinical trials
• TTP607 - Aurora Kinase Inhibitor which is a new therapeutic for the treatment of cancer of the breast, lung, pancreas and prostate and is entering phase 1 clinical trials

High Point Pharmaceuticals submitted applications for four programs currently in clinical development and received awards for all of them. Those programs are:

• HPP404 -H3 Antagonist which is a new therapeutic for the treatment of obesity and diabetes and is currently in phase 1B clinical trials
• HPP854 - BACE Inhibitor which is a new therapeutic for the treatment of Alzheimer's Disease and is currently in phase 1B clinical trials
• HPP593 - PPAR Delta Agonist which is a new therapeutic for dyslipidemia and diabetes and is currently in phase 1A clinical trials
• HPP851 - 11β HSD1 Inhibitor which is a new therapeutic for the treatment of primary open angle glaucoma and is entering phase 1 clinical trials

Adnan M. M. Mjalli, Ph.D., Founder, Chairman and Chief Executive Officer of both TransTech Pharma and High Point Pharmaceuticals, said, "We are extremely pleased to receive these grants and to be recognized for the cutting edge discovery and development initiatives of our scientific researchers. These awards speak to the quality of our science and the potential for these compounds to address high unmet medical needs in Alzheimer's, depression, diabetes, obesity, dyslipidemia, glaucoma and cancer. The funds from the QTDP program will assist us with the continued clinical development of these important therapeutics."

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 program was oversubscribed and therefore the maximum grant for each certified application was approximately $244,500.