SAN LUIS OBISPO, California – November 2, 2010 – FzioMed, Inc. announced today that it was awarded cash grants totaling approximately $244,479 under the US Government’s Therapeutic Discovery Project (QTDP) program.
“We are delighted to receive this grant for our clinical program addressing unmet medical needs in the field of adhesion prevention,” said John S. Krelle, President and CEO of FzioMed Inc. “The QTDP grant program will help us fund this clinical program during this tough economic environment.”
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 Company received the grant for clinical work related to Oxiplex Intraoperative Gel, which is applied after discectomy to reduce postoperative pain and symptoms.
FzioMed is a privately held medical device company developing and commercializing absorbable, surgical biomaterials based on the company’s patented science. FzioMed’s polymer technology has uses in a variety of surgical specialties including orthopedics, spine, gynecology and general surgery.
FzioMed® and Oxiplex® are registered trademarks of FzioMed, Inc.