CAMBRIDGE, Mass., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex mixture drugs, today announced that all four of its applications for the Qualifying Therapeutic Discovery Project Credit (Therapeutic Credit) were approved. The Therapeutic Credit allows biotechnology companies to claim a credit for 50% of their qualified investments in qualifying therapeutic discovery projects for 2009 and 2010.
Momenta received a Therapeutic Credit for 4 projects, each totaling $244,479.25. The four projects include the development of:
- A biologics platform utilizing thorough characterization to ensure purity of novel biologics;
- M402, a novel multimodal inhibitor of tumor metastasis;
- M118, a novel anticoagulant to treat patients diagnosed with Acute Coronary Syndrome; and
- A platform for glycosaminolglycan therapeutics, novel multimodal drugs for multifaceted diseases.
"We are very pleased that the potential of our innovative technology and our pipeline candidates has been recognized by awards under the therapeutics tax credit program," commented Craig A. Wheeler, President and Chief Executive Officer of Momenta. "We look forward to further advancing these programs in the future."
Therapeutic discovery projects were selected based on the following criteria:
- The project's potential to result in new therapies for areas of unmet need or to prevent, detect, or treat chronic or acute diseases or conditions;
- The project's potential to reduce long-term healthcare costs or advance the goal of curing cancer within 30 years; and
- The project's potential to advance U.S. competitiveness in biotechnology while creating and sustaining high-paying jobs in the U.S.
Momenta Pharmaceuticals is a biotechnology company, headquartered in Cambridge, MA, specializing in the detailed structural analysis of complex mixture drugs. Momenta is applying its technology to the development of generic versions of complex drug products, as well as to the discovery and development of novel drugs.
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Forward Looking Statements
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including our beliefs regarding the potential development and commercialization opportunities for our programs and product candidates, including M118 and M402, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "hope," "target," "project," "goals," "potential," "predict," "might," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors referred to in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Momenta from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Momenta is providing the information in this press release as of this date and assumes no obligation to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Momenta Pharmaceuticals Beverly Holley, Director, Investor Relations (617) 395-5189 email@example.com