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news.NovaDel Pharma, a specialty pharmaceutical company developing oral spray formulations for a broad range of marketed pharmaceutical products, has received $244,479 grant under the IRS' Qualifying Therapeutic Discovery Project (QTDP), which it expects to receive in January 2011.
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The grant, which targets therapeutic discovery projects that show a reasonable potential to result in new therapies to treat areas of unmet medical need or to treat chronic or acute diseases and conditions or to result in reduced health care costs, was awarded to NovaDel to help fund the further clinical development of Duromist.
Duromist is NovaDel’s oral spray formulation of Sildenafil, and is being developed for the treatment of erectile dysfunction.
NovaDel Pharma senior vice president and CFO Craig Johnson said that they were delighted that the potential advantages of Duromist have been recognised through the award of this grant.