OMAHA, Neb., Nov. 12, 2010 /PRNewswire via COMTEX/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today announced that it has been awarded a research and development grant totaling $1,070,453.32 from the U.S. government under HR: 3590 - Patient Protection and Affordable Care Act (the "Act") in immediately available funds. This is among the largest awards for any one company under the Act. Four of the Company's R&D programs received the highest maximum allowable award of $244,479.25 each, including COLD-PCR, the company's ultra-high mutation detection technology, Surveyor SCAN kit development for key cancer pathway gene mutations and mtDNA Damage Assays.
Under the Act, $1 billion was earmarked for qualifying therapeutic discovery projects that treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, and/or reduce the long-term growth of healthcare costs in the United States. In addition, allocation of the credit took 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. Applicants were required to submit detailed information demonstrating that their research conformed to the parameters of the Act, along with a summary of qualifying expenditures that formed the basis for the award. The award of $1,070,453 represents a pro rata reduction applied to all applicants, as the program was significantly over-subscribed.
Craig Tuttle, president and chief executive officer of Transgenomic said, "We were particularly pleased that our work with COLD-PCR, an extremely sensitive method for detecting genetic mutations with, was recognized as being worthy of this development award as we see significant promise in applying COLD-PCR to the early detection of circulating DNA mutations in cancer and other diseases. In addition, the fact that five of our programs received awards demonstrates the breadth of our research and development pursuits." About Transgenomic, Inc.
Transgenomic, Inc. (www.transgenomic.com) is a global biotechnology company specializing in high sensitivity genetic variation and mutation analysis, providing products and services in DNA mutation detection and discovery for clinical research, clinical molecular diagnostics and pharmacogenomics analyses.
Its product offerings include the WAVE(R) Systems and associated consumables specifically designed for use in genetic variation detection and single- and double-strand DNA/RNA analysis and purification. With broad applicability to genetic research, nearly 1,500 systems have been shipped to customers in more than 50 countries. The SURVEYOR(R) Mutation Detection Kits and SURVEYOR Check-It Kit provide reagents and protocols for high sensitivity detection of mutations in DNA. In addition, HANABI automated chromosome harvesting systems improve laboratory productivity with consistent quality compared with manual methods for cytogenetic analyses. Service offerings include the Transgenomic Molecular Laboratory, which provides reference laboratory services specializing in molecular diagnostics including Mitochondrial Disorders, Oncology and Hematology, Molecular Pathology and Inherited Diseases. Transgenomic Pharmacogenomics Services is a CRO for pharmacogenomic, translational research and clinical trials.
Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements" of Transgenomic within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements.
Forward-looking statements include, but are not limited to, those with respect to management's current views and estimates of future economic circumstances, industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in the diagnostic products and services markets. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in Transgenomic's filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements.
Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release. All information in this press release is as of the date of the release and Transgenomic does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
SOURCE Transgenomic, Inc.
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