Rexahn Pharmaceuticals (NYSE Amex:RNN) said Thursday it has been awarded US government grants totaling more than $822,000 for the company's drug projects.
The grants were awarded as part of a program under the Patient Protection and Affordable Care Act of 2010, designed to provide tax credits or grants to biotechnology companies with no more than 250 employees for expenses related to a medical development project.
"We are very pleased to receive the grants for all four applications we submitted. The award will further strengthen Rexahn's financial position as we advance our drug development projects for cancers, depression, and erectile dysfunction," said president and COO Rick Soni.
The program targeted projects that showed potential to produce new therapies to treat areas of unmet medical need or chronic or acute diseases, as well as reduce long-term health care costs in the United States.
The grants are meant to reimburse up to 50% of investments in qualifying projects in 2009 and 2010.
Rexahn currently has three drug candidates in phase II clinical trials: Archexin for pancreatic cancer, Serdaxin for depression, and Zoraxel for erectile dysfunction. The company is also developing a drug delivery system for cancer, which works to target cancer cells to avoid damage to healthy tissue.
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