GAINESVILLE, Fla., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Quick-Med Technologies, Inc. (OTCBB:QMDT), a life sciences company that is developing innovative technologies for the healthcare and consumer markets, announced today it has been awarded by the U.S government under Qualifying Therapeutic Discovery Project (QTDP) to advance the development of the company's NIMBUS® technology for wound dressings and wound drains. The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services (HHS) to have reasonable potential to result in a new therapy, reduce health care costs, or significantly advance the goal of curing cancer. A grant payment of approximately $244,000 has been authorized by the U.S. Department of the Treasury for payment in November 2010.
"We are very appreciative of the recognition and support provided by this award for our innovative NIMBUS technology," said J. Ladd Greeno, CEO of Quick-Med Technologies. "NIMBUS offers highly effective, non-toxic, long-lasting, non-leaching and affordable antimicrobial protection can make an important contribution to eliminating healthcare associated infections and reducing healthcare costs in wound dressings."
The QTDP grant program provides support for innovative projects that are determined by HHS to have reasonable potential to result in new therapies to treat areas of unmet medical need, treat chronic or acute diseases and conditions, or reduce the long-term growth of health care costs in the United States. Quick-Med Technologies submitted a grant application for NIMBUS, a leading-edge antimicrobial technology developed for wound care, medical device and adhesive applications, and received the award based on its responsiveness to the QTDP threshold criteria.
About QTDP
The QTDP program was created by Congress on May 21, 2010 under Section 48D of the Internal Revenue Code, as enacted under the Patient Protection and Affordable Care Act. It established criteria by which small businesses could apply to be certified for either a tax credit or grant up to specified limits for tax years 2009 and 2010 for projects that had the greatest potential to create or sustain high quality jobs and to advance United States competitiveness in the fields of life sciences, biological and medical sciences.
About NIMBUS®
Quick-Med's patented technology, NIMBUS, is a cutting-edge antimicrobial technology that has been custom designed for wound care and other medical applications. NIMBUS received De Novo FDA clearance in 2009 and has been commercialized in traditional wound care applications. It is the only non-leaching antimicrobial dressing which, by design, poses no risk of bacteria developing resistance. NIMBUS technology is protected by ten U.S. patents and patents pending and 24 foreign counterparts. Additional applications under development include advanced wound dressings, medical adhesives, and catheters.
About Quick-Med Technologies, Inc.
Quick-Med Technologies, Inc. is a life sciences company that is developing innovative technologies for the consumer and healthcare markets. In addition to commercializing The Company is developing advanced antimicrobial technologies for infection prevention and control. Its NIMBUS® technology is the first FDA-cleared, non-leaching antimicrobial available in a wound dressing. Its NimbuDerm™ technology is being developed as a persistent hand sanitizer and its new Stay Fresh™ technology provides highly durable antimicrobial protection for apparel and other textile applications. For more information, see: www.quickmedtech.com.
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© 2010 Quick-Med Technologies, Inc. All rights reserved. NIMBUS® is a registered trademark and Stay Fresh™ and NimbuDerm™ are trademarks of Quick-Med Technologies, Inc.
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "expect", "plan", "believe", "anticipate", "intend", "could", "would", "estimate", and/or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements involve risks and uncertainties, including those risks that are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"), which may be accessed at the SEC's Edgar System at .
CONTACT: Quick-Med Technologies J. Ladd Greeno, CEO (888) 835.2211 Ext 102 lgreeno@quickmedtech.com The Ruth Group Media Eric Reiss (646) 536-7032 ereiss@theruthgroup.com Investors Ashleigh Barreto (646) 536-7028 abarreto@theruthgroup.com