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[ back to News ] Concert Pharmaceuticals Awarded $488,000 Therapeutic Discovery Project Grants
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Lexington, MA –- Concert Pharmaceuticals, Inc., today announced it has been awarded two grants for the maximum amount allowable under the IRS Qualifying Therapeutic Discovery Project (QTDP). Combined, the grants total $488,000. The grants were awarded to Concert to help advance its development programs for the treatment of HIV and kidney disease.
”We are pleased to have our two lead development programs recognized through these grants," said Roger Tung, Ph.D., Chief Executive Officer of Concert Pharmaceuticals.
The Qualifying Therapeutic Discovery Project (QTDP) is provided under new section 48D of the Internal Revenue Code (IRC). The QTDP grant is 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.
About Concert
Concert Pharmaceuticals is a clinical stage biotechnology company focused on applying the company’s DCE Platform™ to create novel and differentiated small molecule drugs containing deuterium. Concert’s approach leverages the known activity and safety of existing drugs to reduce the time, risk and expense of drug research and development. The Company has a broad research pipeline encompassing many therapeutic areas including infectious disease and renal disease, among others. In 2009, Concert entered into a potential $1 billion strategic alliance with GlaxoSmithKline to develop and commercialize certain deuterium-containing medicines. Founded in 2006, Concert has raised more than $110 million of venture and institutional capital. For more information on Concert Pharmaceuticals, please visit www.concertpharma.com.
Concert Pharmaceuticals, the CoNCERT logo and DCE Platform are trademarks of Concert Pharmaceuticals, Inc.
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