LITTLETON, Mass., Dec. 21, 2010 /PRNewswire/ --Audax Medical, Inc. (www.audaxmed.com), a privately held medical device company specializing in the development of orthobiologics, has been awarded a research and development grant through the Qualifying Therapeutic Discovery Project (QTDP) program. The QTDP was established under the Patient Protection and Affordable Care Act of 2010 to support therapeutic projects that are innovative, reduce long-term healthcare costs, and/or address unmet medical needs.
The company recently announced its partnership with Brown University in the development of its core technology, Arxis™, for the regeneration of diseased bone, cartilage, and other soft tissues. The grant approval validates the strong clinical need for a cost-effective, minimally invasive solution, such as Arxis™, in orthopedic medicine.
"We are delighted to receive this recognition and funding to support the development of Arxis™. This further validates the clinical significance of our technology and the company's commitment to regenerative medicine," stated Mark A. Johanson, President and CEO of Audax.
Audax's growing technology portfolio demonstrates significant promise in multiple areas of bone and tissue preservation. The QTDP grant directly supports the company's dynamic research and development efforts in tissue regeneration, tissue reconstruction, drug delivery, and combination products. Most importantly, the funding will contribute to the company's commercialization of Arxis™, which will impact the lives of patients suffering from debilitating orthopedic conditions.
About Audax Medical, Inc.
Audax Medical, Inc. is a privately held medical device company located in Littleton, Massachusetts. The company offers innovative solutions for the treatment of degenerative bone and musculoskeletal tissue. The company's products go beyond simply stabilizing a clinical deficiency by promoting the growth of natural bone and tissue. With enhanced surgical based solutions and osteogenic biomaterial technologies, Audax offers a modern alternative to existing orthopedic therapies. For more information visit, www.audaxmed.com
SOURCE Audax Medical, Inc.