Regenerative medicine company Advanced Cell Technology (OTCBB:ACTC) said Tuesday it received grants for a total of almost $1 million in support of the company's development programs.
The four grants, received under the Patient Protection and Affordable Care Act of 2010, were for the Blastomere program, the Myoblast program for heart disease, the RPE program for Stargardt's disease and the IPS program.
The act was designed to provide small and mid-sized biotech, pharmaceutical and medical device companies with a tax-credit for investments in therapeutic discoveries for tax years 2009 and 2010, or a grant for the same amount, tax-free. Qualifying companies cannot have more than 250 employees.
Advanced Cell Technology specializes in the development of cellular therapies for the treatment of rare and common diseases. The company applies stem cell-based technologies in the area of regenerative medicine.
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