NOVAVAX Awarded Nearly $1 Million in Grants from IRS Under Qualifying Therapeutic Discovery Project
ROCKVILLE, Md., Nov. 4, 2010 /PRNewswire via COMTEX/ --
Novavax, Inc. (Nasdaq: NVAX) announced today that it has been awarded approximately $978,000 in grants under the Internal Revenue Service's Qualifying Therapeutic Discovery Project ("QTDP"). This program was created under the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants representing up to 50 percent of eligible qualified investments in therapeutic discovery projects during tax years 2009 and 2010.
"We are gratified to receive this award in recognition of our efforts to develop novel vaccine candidates using our unique recombinant technology," said Dr. Rahul Singhvi, President and CEO of Novavax. "Novavax plans to use these funds to support advanced development of its novel virus-like-particle-based vaccine candidates, which include vaccines for seasonal and pandemic influenza, respiratory syncytial virus (RSV), and varicella-zoster virus (VZV)."
About Novavax, Inc.
Novavax, Inc. is a clinical-stage biopharmaceutical company creating novel vaccines to address a broad range of infectious diseases worldwide, including H1N1, using advanced proprietary virus-like-particle (VLP) technology. The company produces potent VLP-based recombinant vaccines utilizing new and efficient manufacturing approaches. Novavax is committed to using its VLP technology to create country-specific vaccine solutions. The company has formed a joint venture with Cadila Pharmaceuticals, named CPL Biologicals, to develop and manufacture vaccines, biological therapeutics and diagnostics in India. Additional information about Novavax is available on the company's website: www.novavax.com.
SOURCE Novavax, Inc.