Prime Synthesis, Inc. receives QTDP Grant from the IRS

(Aston, Pennsylvania, November 3, 2010) – Prime Synthesis, Inc. announced today that it received a $244,000 grant under the Qualifying Therapeutic Discovery Project program. The IRS, in conjunction with the Department of Health and Human Services, approved applications for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness under the Qualifying Therapeutic Discovery Project program. The IRS determined the credit or grant amount for each approved project. Under the program, a total amount of $1 billion was allocated for credits and grants.  

The grant was awarded for the maximum amount allowed per project. It will leverage the efforts of Prime Synthesis for a research project entitled “A Novel Hybrid Solid Support for Cost-Effective, Large-Scale Oligonucleotide Synthesis”. In this project, the company is developing a new generation of products to reduce the costs and improve purity and yields of oligonucleotide synthesis. This will enable the new class of drugs based on synthetic DNA and RNA fragments (oligonucleotides) to be more effectively and economically produced. Over 200 new drugs, based on this technology are currently in clinical trials, many addressing such important areas as cancer and various cardiac disorders.

“Over the past decade, we have supplied a key raw material for the production of this exciting new class of drugs” said Marc Rothstein, President of Prime Synthesis. “As the pharmaceutical industry moves closer to commercial products based on this technology, the need for lower cost, high volume manufacture becomes more important. Our research efforts, funded in part by this grant, will allow us to address this need with innovative new products.

About Prime Synthesis, Inc.
Prime Synthesis, Inc., located in Aston, Pa., supplies products and services to oligonucleotide researchers for DNA and RNA synthesis. Its product lines include controlled porosity glass (CPG) in standard and customized chemical formats, synthesis columns, and column parts. For more information on Prime Synthesis’ full line of products and services or to purchase these products, visit their e-commerce site at www.primesynthesis.com

Contact:
Marc Rothstein
President, Prime Synthesis, Inc.
mlrothstein@primesynthesis.com
www.primesynthesis.com