SOURCE: Aminex Therapeutics

November 09, 2010 17:34 ET

Aminex Therapeutics, Inc. Is Awarded Qualifying Therapeutic Discovery Project (QTDP) Grant

SEATTLE, WA--(Marketwire - November 9, 2010) -  Aminex Therapeutics, a drug research and development company focused on the treatment of cancer, announced today that it has been awarded a grant totaling $244,479 by the US Department of Treasury's Qualified Therapeutic Discovery Program (QTDP). The Internal Revenue Service's QTDP grant will advance the development of Aminex Therapeutics' optimized lead compound, AMXT 1501, which potently inhibits the uptake of polyamines into cancer cells.

The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to have reasonable potential to result in a new therapy, reduce health care costs, or significantly advance the goal of curing cancer. The QTDP program was created by Congress on May 21, 2010 under Section 48D of the Internal Revenue Code, as enacted under the Patient Protection and Affordable Care Act.

Mark R. Burns, Ph.D, the CEO and Scientific Founder of Aminex Therapeutics commented: "We greatly appreciate the support provided by the QTDP grant and the significant momentum it will provide in advancing our Polyamine-Based Therapy (PBT) for use against head and neck cancer. The QTDP grant is an efficient and timely program to bridge the gap of recent lean years in biotechnology startup company financing."

About Aminex Therapeutics, Inc.
Aminex Therapeutics is focused on developing its PBT™ anti-metabolite approach that specifically targets cancer cells. The company's products are based on original research covered by 6 US-issued patents on small molecule compounds. The anti-metabolite therapy is based on breakthrough science carried out by its founder, Mark R. Burns, Ph.D. More information on our innovation is available at www.aminextherapeutics.com.

Safe Harbor Statement 
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Statements herein that describe Aminex Therapeutics' intentions, plans, or goals are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. We assume no liability to update these statements, except as required by law.