Full Press Release Details
Pharmaceuticals Awarded $245K Grant under the U.S. Qualified Therapeutic
Discovery Project Credit Program
NEW YORK, NY NOV 8, 2010 -
Manhattan Pharmaceuticals, Inc. (OTCBB: MHAN) announced today that it has been
awarded $244,279 in funding under the U.S. Government's Qualifying Therapeutic
Discovery Project (QTDP) credit program. The Company has received
this funding for its lead product candidate AST-726 for the treatment of vitamin
was created by Congress March 2010, as enacted under the Patient Protection and
Affordable Care Act and provides a tax credit or grant equal to 50% of eligible
costs and expenses for the tax years of 2009 and 2010. The QTDP was
designed to promote medical research and innovation that could improve health
and save lives. The program targeted projects in new innovative
therapies to prevent, diagnose, and treat acute and chronic
diseases. Companies that received QTDP grants were selected jointly
by the Treasury Department and the Department of Health and Human Services. The
grants are limited to companies with 250 or fewer employees. The Department of
Treasury further allocated the available funds among the most qualified
applicants, because the program was substantially oversubscribed.
Manhattan Pharmaceuticals, Inc.
Pharmaceuticals is a specialty healthcare product company focused on the
development and commercialization of innovative treatments for underserved
patient populations. The Company is currently focused on two lead
programs: AST-726, a nasally delivered vitamin B12
remediation treatment, and Hedrin , a
novel, non-insecticide treatment for pediculosis (head lice), which is being
developed through a joint venture with Nordic Biotech. The company is
also studying AST-915 for the treatment of essential tremor and a topical GEL
product which may be commercialized as an OTC treatment for mild
Regarding Forward-Looking Statements
This press release contains
forward-looking statements regarding future
predictions and are subject to risks and uncertainties that could
company's actual results to
differ materially. These risks are described in greater detail in the company's filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2009.
Pharmaceuticals, Inc.
G. McGuinness, Chief Operating