Subscribe free to our daily email newsletter$1 Million In Grants To Novavax In Rockville
Nov 4, 2010 13:00 - 0 Comments
Photo from Novavax
Novavax, Inc., a clinical-stage biopharmaceutical company located in Rockville, announced today that it has been awarded approximately $978,000 in grants under the Internal Revenue Service’s Qualifying Therapeutic Discovery Project (“QTDP”). This program was created under the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants representing up to 50 percent of eligible qualified investments in therapeutic discovery projects during tax years 2009 and 2010.
In their press announcement, Dr. Rahul Singhvi, President and CEO of Novavax, stated,
We are gratified to receive this award in recognition of our efforts to develop novel vaccine candidates using our unique recombinant technology. Novavax plans to use these funds to support advanced development of its novel virus-like-particle-based vaccine candidates, which include vaccines for seasonal and pandemic influenza, respiratory syncytial virus (RSV), and varicella-zoster virus (VZV).
The company works to develop the use of virus-like particle (VLP) technology to tackle influenza viruses – including avian strains that have the potential to cause a pandemic outbreak. They’ve created vaccines designed to protect against various circulating strains of pandemic influenza including H1N1 and H5N1 influenza, as well as seasonal flu. Using a unique portable manufacturing system that allows for rapid mass production, their long-term goal is to be able to rapidly deliver a customized vaccine in the midst of a pandemic.
Novavax originally moved its headquarters from Malvern, PA to Rockville because they could build a state-of-the-art manufacturing facility housed on site for their research and clinical scientific teams. The company takes advantage of their close proximity to Johns Hopkins University and the University of Maryland for recruiting. Novavax has publically stated that its employees “enjoy living and working in Montgomery County and feel comfortable raising their families in its exceptional public school system with extensive accessibility to public transportation.”
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