Biopharmaceutical company Access Pharmaceuticals (OTCBB: ACCP) said Monday it has been awarded $1.5 million in government grants for the company's drug development programs.
Under the Patient Protection and Affordable Care Act, cash grants were awarded to qualifying therapeutic discovery projects, which showed potential in producing new, cost-saving therapies as well as supported job growth and competitiveness in the U.S., Access said.
Seven of eight Access Pharma applications were awarded. The company did not specify, however, how the new monies would be used.
"Given the recent launch of our oral mucositis product, MuGard, and our ability to manage our cash burn through multiple partnerships, we believe these grants will significantly impact our balance sheet and product development timelines," said president and CEO Jeffrey Davis.
The company's MuGard product works to treat patients with mucositis, a common side effect of cancer radiation and chemotherapy. Access is also working on ProLindac, currently in phase 2 testing for patients with ovarian cancer, and has developed drug delivery technologies CobaCyte and CobOral.