Government Sets Rules for $1B in Therapeutic Discovery Credits or Grants

Let the games begin! Below is a link to the PharmTech Talk blog which itself provides links to goverment sites spelling out the guidelines for obtaining monies under the $1 B Therapeutic Discovery program.

PharmTech Talk » The US Treasury Shows R&D Scientists Some Love.

For those of you who'd like more of a summary, keep reading.  The points below were gleaned from articles by Steve Levy, Fierce Biotech and Stewart Lyman, Xconomy. 

Here we go with the highlights:

1. The program is NOT first come first serve. Applicants must get their information in betwwen June 21st and July 21st. The application is relatively simple and streamlined.
2. Separate applications must be made for each project for which a company is seeking money. 
3. Preliminary reviews of applications will occur by Septemeber 30th.
4. Initial credits or grants (for years 2009-2010) will be awarded by October 29, 2010.
5. All decisions are final.  There is no appeal on whether or not you receive an award or any dickering about its size.
6. There is a $5 M maximum award sixe per company, assuming a compnay can show it has $10 M worth of qualifying costs (50% match). 
7. The government will award a maximum of $1 B (at least that is story for now).

The goverment expects there to be 1200 applications filed.  BIO spokesperson, Ellen Dadisman said, "We expect the program to be heavily oversubscribed. I think that's an indication of its popularity and necessity."

Posted by Bruce Lehr May 25th 2010.