CAMBRIDGE, Mass., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA - News), 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.