NovaSperse(SM) Nanoparticle Innovator, PharmaNova, Inc., Awarded Four Government Grants Toward Development of New Therapeutic Products Under Congressional Qualifying Therapeutic Discovery Project Initiative

VICTOR, N.Y., Nov. 8, 2010 /PRNewswire/ -- PharmaNova, Inc., of Victor, NY, announced today that the Company has been awarded multiple grants worth in excess of $500,000 under the Qualifying Therapeutic Discovery Project (QTDP), which was created by Congress as part of the Patient Protection and Affordable Care Act of 2010. In July, PharmaNova applied for project grants to support development of multiple NovaSperse(SM)-based nanoparticulate products. NovaSperse(SM) is a unique process developed by PharmaNova for the de novo creation of nanoparticles of tightly controlled particle size. The process facilitates particle surface modifications and treatments that further influence solubility, absorption, distribution and e.g. drug-tissue targeting. Grants were awarded to PharmaNova to support further research in the areas of anti-viral treatments; new treatments for ophthalmic disease; targeted delivery of oncology medicines; and the design and development of an implantable drug delivery device. The QTDP is overseen by the Internal Revenue Service and Health & Human Services Department, and is specifically designed to assist small biotech companies engaged in competitive and innovative discoveries in healthcare.

PharmaNova will be exhibiting NovaSperse(SM) nanoparticle technology capabilities (Booth #2256) at the upcoming American Association of Pharmaceutical Scientists (AAPS) Annual Meeting and Exposition, 2010 FIP Pharmaceutical Sciences World Congress, New Orleans LA, November 14-18, 2010.

About QTDP

To be eligible, a QTDP must have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; reduce long-term health care costs; represent a significant advance in finding a cure for cancer; advance U.S. competitiveness in the fields of life, biological, and medical sciences; or create or sustain well-paying jobs, either directly or indirectly. Total funds available under the full Government QTDP Program are limited to $1 billion, with a per company limitation of $5 million. QTDP is only available to companies with 250 or less employees.

About PharmaNova

PharmaNova, Inc. is a privately held pharmaceutical company. Our product candidates are derived from the re-positioning and enhancement of known drugs using our proprietary NovaSperse(SM) nanoparticle technology platform. We address low-risk, fast-to-market products in areas of clear medical need and generate revenue from partnering and licensing strategies with commercialization partners and clients worldwide. PharmaNova also conducts contractual formulation development work applying NovaSperse(SM) technology to client-owned products and compounds to support new product development or the extended life cycle management of existing products. PharmaNova has new product candidates in various stages in its development pipeline. Our focus is on the development of novel, improved nanoparticle formulations of ophthalmic, anti-infective and injectable oncology products.

Members of the media, or for further information, please contact Rodney A. Brown, President, PharmaNova, Inc.: [email protected], (1) 585 413-4721.

This press release was issued through eReleases(R).  For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.

SOURCE PharmaNova Inc.