(REDWOOD CITY, Calif.) -- OncoMed Pharmaceuticals, a therapeutics developer that targets cancer stem cells, was awarded a grant on Tuesday totaling $1.2 million to support five of its programs under the government's Qualifying Therapeutic Discovery Project (QTDP).
The QTDP was created by Congress in support of "innovation and job creation by biotech companies." Grant winners are chosen primarily by the Treasury Department and the Department of Health and Human Services, depending on qualifying criteria.
Eligibility hinges on the project's ability to "result in new therapies to treat areas of unmet medical need; prevent, detect or treat chronic or acute disease and conditions; reduce long-term health care costs; or significantly advance the goal of curing cancer within a 30-year period."
OncoMed's strategy targets cancer stem cell proteins and has the potential to be developed for use against a range of tumor types.
"We are pleased to see OncoMed recognized by the award of these QTDP Program grants, which value the scope of our research and emerging pipeline of anti-cancer stem cell therapeutics programs," said Paul Hastings, president and CEO of OncoMed Pharmaceuticals. "We look forward to applying these funds to development candidates arising from our insights into multiple cancer stem cell pathways and cancer biology."
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