ATLANTA--(BUSINESS WIRE)--Cardiac Regeneration Technologies, LLC (CRT) announced that it received notification from the U.S. Internal Revenue Service (IRS) that it was approved to receive a grant in the amount of $244,000 for CRT's investment in an unprecedented myocardial regeneration therapeutic discovery project. In July 2010, the Company applied for the grant under the Qualifying Therapeutic Discovery Project.
After a determination by U.S. Department of Health and Human Services (HHS) that the project met the definition of a “qualifying therapeutic discovery project,” the IRS certified the qualifying investment and approved the award amount of $244,000. The qualified investment primarily represents 2009 research and development expenses which will continue into 2010.
“Using our patented CardioGold pressure pulse device, we successfully completed phase I of our myocardial regeneration project in 2009 involving persons suffering from ischemic heart disease," said CRT's Managing Director, Jouko Rissanen. "The CardioGold's unprecedented regenerative effect on the myocardium substantially improves the patient's ejection fraction and quality of life - we are proud to be recognized by the HHS as a promising new technology for an unmet medical need." CRT's phase I trial involved CRT's proprietary direct epicardial pulse therapy conducted on persons undergoing Coronary artery by-pass graft (CABG) procedures. CRT is actively preparing for phase II confirmatory trials to be partially funded with the proceeds from the Qualifying Therapeutic Discovery Project.
About the Qualifying Therapeutic Discovery Project
The Qualifying Therapeutic Discovery Project tax credit is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The credit is a tax benefit targeted to therapeutic discovery projects that show a reasonable potential to:
- Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions,
- Reduce the long-term growth of health care costs in the United States, or
- Significantly advance the goal of curing cancer within 30 years.
Allocation of the credit also takes 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.
About Cardiac Regeneration Technologies, LLC
CRT is a privately held medical device company based out of Woodstock, Georgia. CRT focuses its efforts on the use of pressure pulse technology and therapy on cardiovascular conditions. CRT designed and developed its patent pending CardioGold pressure pulse device and underlying patented direct epicardial therapy over a four year period commencing in 2006. Pressure pulse therapy has been clinically proven to regenerate and heal damaged soft tissue by causing angiogenesis (increased blood supply), stimulating the migration of progenitor stem cells, and stimulating the in growth of healthy nerves and blood vessels. For additional information on the company, please contact Michael Rozmajzl, Member of Board of Managers, at 770-966-1315.
Notice: This press release contains forward-looking statements within the meaning of the federal security laws. Forward-looking statements are only predictions and not guarantees of performance. You should not place undue reliance on any forward-looking statements. TRT’s SoftWave technology is undergoing investigational use in the United States and is not currently available for sale.