SOURCE: Nutrition 21, Inc.

ingredients, patents, grants, Nutrition 21, Chromax, probiomega, NXXI, QTDP Program, jobs, diabetes

November 08, 2010 10:40 ET

Nutrition 21 Awarded Grant From the Federal Qualifying Therapeutic Discovery Project Program

PURCHASE, NY--(Marketwire - November 8, 2010) -  Nutrition 21, Inc. (OTCBB: NXXI), the developer and marketer of clinically substantiated ingredients for dietary supplements, foods and beverages, and animal nutrition, today announced the award of a cash grant of up to $104,350 from the Federal Qualifying Therapeutic Discovery Project (QTDP) Program to help further develop its patent pending chromium-enhanced insulin technology for use in the treatment of type 1 and type 2 diabetes.

James Komorowski, Vice President, Research & Development, stated, "We are very excited to receive the financial support to advance the development of our technology surrounding a novel chromium-enhanced insulin drug that may reduce the risk and symptoms of hypoglycemia (very low blood sugar caused by excessive insulin doses), reduce weight gain caused by insulin use, and be more effective than insulin drugs currently on the market. We are grateful that the QTDP Program recognized the potential of this novel technology and awarded us this grant."

Michael Zeher, Nutrition 21's president and chief executive officer, stated, "This grant demonstrates recognition of the cutting edge technology the company is developing. Since the QTDP process is rigorous, we're particularly gratified that we were approved. It's a noteworthy indicator of the innovative science and valuable potentials inherent at Nutrition 21."

The QTDP Program was established by the Internal Revenue Code as part of the Patient Protection and Affordable Care Act of 2010. Grants were awarded to qualifying drug, biotechnology, medical device and diagnostics companies with fewer than 250 employees for therapeutic discovery projects that 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.

About Nutrition 21
Nutrition 21, Inc. (OTCBB: NXXI), headquartered in Purchase, NY, is a nutritional bioscience company and holds over 60 issued and pending patents for dietary supplement ingredients, including chromium picolinate, and combinations of chromium compounds with other ingredients. Its products are sold to leading dietary supplement, functional food and beverage, and animal nutrition manufacturers. For more information please visit http://www.nutrition21.com.

Safe Harbor Provision
This press release may contain certain forward-looking statements. The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, including without limitation: the effect of the expiration of patents; regulatory issues; uncertainty in the outcomes of clinical trials; changes in external market factors; changes in the Company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally; the emergence of new or growing competitors; various other competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended June 30, 2010. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will in fact occur. Additionally, the Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.

Contact Information

  • Company Contact:
    James Komorowski, M.S., C.N.S.
    Vice President
    914-701-4500

    Investor Contact:
    Alan Kirschbaum
    Chief Financial Officer
    914-701-4500