BSD Medical Corporation (NASDAQ:BSDM) (the "Company" or "BSD") announced today that it has received the maximum award provided by the U.S. government for a single program for two separate grants under the Qualifying Therapeutic Discovery Project ("QTDP") Program. The Company submitted grant applications for its BSD-2000 Hyperthermia System (BSD-2000) and its MicroThermX® Microwave Ablation System (MTX-180), and both applications were approved. BSD was awarded $488,958.50, $244,479.25 for each of the two applications. Projects were selected jointly by the Treasury Department and the Department of Health and Human Services.
“We believe that both the MTX-180 and the BSD-2000 projects can provide a significant advance in cancer treatment and in U.S. competitiveness in the field of medical science.”
In order to qualify for the QTDP grants, the project must have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; reduce long-term health care costs; represent a significant advance in finding a cure for cancer; advance U.S. competitiveness in the fields of life, biological and medical sciences; or create or sustain well-paying jobs, either directly or indirectly. 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 a grant equal to 50% of eligible costs and expenses for tax years 2009 and 2010.
"We are pleased that the U.S. government has awarded us the maximum amount for both of BSD's innovative projects," stated Harold Wolcott, President of BSD. "We believe that both the MTX-180 and the BSD-2000 projects can provide a significant advance in cancer treatment and in U.S. competitiveness in the field of medical science."
The Company engaged alliantgroup, LP, a renowned specialty tax services firm, to assist with the identification of eligible costs and expenses and the preparation of the grant applications.
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