NuView Life Sciences Awarded Grants Under the Patient Protection and Affordable Care Act of 2010

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Nov 04, 2010, 02:28 ET

PARK CITY, Utah, Nov. 4, 2010 /PRNewswire/ -- NuView Life Sciences, Inc ("NuView"), a biopharmaceutical company specializing in the development of proprietary target specific biomarkers for utilization with Positron Emission Tomography ("PET") imaging procedures, announced today that its applications for the Qualifying Therapeutic Discovery Project Credit ("Therapeutic Credit") were approved.

The grants totaling just over $1.2 million dollars were awarded to NuView for further development and validation of several of the Company's projects. The diagnostic imaging biomarker projects that were approved under the Therapeutic Credit program are for breast cancer, lymphoma, cancer proliferation and cardiovascular imaging.

"We are very pleased that the underlying science of our pipeline candidates has been recognized under the Therapeutic Credit program, further enabling the clinical advancement of these projects," commented Paul Crowe, Chairman and Chief Executive Officer of NuView.

About the Qualifying Therapeutic Discovery Project

The Qualifying Therapeutic Discovery Project tax credit or grant is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The tax credit or grant is a benefit targeted to therapeutic discovery projects that show a reasonable potential to:

Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions;
Reduce the long-term growth of health care costs in the United States, or significantly advance the goal of curing cancer within 30 years.

Allocation of the credit or grant also takes into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The credit or grant is only available to companies with no more than 250 employees. The total amount of credits available to all companies is limited to $1 billion.

About NuView Life Sciences, Inc

NuView Life Sciences, Inc is a privately held Utah based biopharmaceutical company developing target specific biomarkers for diagnostic Positron Emission Tomography ("PET") imaging procedures. The Company's clinical stage pipeline includes several proprietary products for diagnosing cancer and heart disease. Please visit our website at www.nuviewinfo.com.