IRS Awards $244,479 Grant to STB Lifesaving Technologies®

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Nov 03, 2010, 10:58 ET

ROCKVILLE, Md., Nov. 3, 2010 /PRNewswire/ -- STB Lifesaving Technologies® today announced that it has been awarded a Qualifying Therapeutic Discovery Project (QTDP) grant from the U.S. government in the amount of $244,479.

The Qualifying Therapeutic Discovery Project was included in the Health Care Reform Bill to foster medical, life science, and biological innovation in the U.S., and the grant was based upon research expenditures for its lead product, the Fibrin Adhesive STat®, or FAST® dressing.

STB® has conducted successful animal studies for the FAST® dressing with both military and commercial partners and is further supported by published data from the American Red Cross.

In these published comparative animal studies, Fibrin Adhesive STat®, or FAST® dressing has proven to be functionally superior to commercially available products in significantly reducing blood loss. The FAST® dressing contains large quantities of the human blood clotting proteins fibrinogen, thrombin, and Factor XIII in a dry form. Once in contact with the wound, the components in the FAST® dressing are instantly activated to form a fibrin clot similar to that which results from the body's own clotting process.

Last month STB® announced that it had completed a successful pre-Investigational New Drug (pre-IND) submission to the U.S. Food and Drug Administration (FDA).

"This additional funding will accelerate the remaining pre-IND development work and animal studies for the FAST® dressing already underway," said Richard Moscarello, CEO of STB®. "We appreciate the government's continued support for this product which soon will be translated into saving military and civilian lives."

About STB®

Founded in 2005, STB Lifesaving Technologies® (STB®) is a privately held, pre-clinical stage, biotechnology development company located in Rockville, Maryland. STB® which stands for "stop the bleeding", is focused on developing a comprehensive suite of products to stop serious and life threatening bleeding in trauma and surgical settings. With a strong proprietary position using its all-natural protein technology with five patents and one provisional patent pending, STB®'s products will be indispensable to both the military and civilian medical markets.

www.stblifesaving.com

SOURCE STB Lifesaving Technologies