YARDLEY, PA, Nov. 3, 2010 — OptiNose announced today it has been awarded $488,958 in grants under the U.S. government’s Qualifying Therapeutic Discovery Project (“QTDP”) program in support of the Company’s novel drug delivery technology. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provides a tax credit or grant equal to eligible costs and expenses for tax years 2009 and 2010.
To be eligible, a therapeutic development project must: (i) have the potential to develop new treatments that address “unmet medical needs” or chronic and acute diseases; (ii) reduce long-term health care costs; (iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or (v) create or sustain well-paying jobs, either directly or indirectly.
OptiNose submitted two grant applications for its novel bi-directional nasal delivery technology, which recently completed Phase II trials using fluticasone to treat nasal polyps and sumatriptan to treat migraines. Each treatment method received approximately $244,500 in funding for the year.
“OptiNose’s bi-directional drug delivery technology through the nasal cavity holds promising value to deliver therapies that effectively address challenging conditions across multiple platforms, and these grants demonstrate that the government recognizes this potential,” said Peter Miller, CEO of OptiNose Inc. “We are now focusing on structuring a Phase III program that will conclusively demonstrate better efficacy of OptiNose’s products for the treatment of nasal polyps and for migraines by taking proven drugs and improving the delivery process, ultimately providing significant benefit for patients.”
About OptiNose Inc.
OptiNose is a drug delivery company with breakthrough bi-directional nasal technology set to transform the static nasal drug delivery market. Founded in 2000, OptiNose’s devices are designed to deliver intranasal drugs to target regions of the nasal cavity, including the sinuses and the olfactory region while preventing lung deposition. The company offers both single and multi-use intranasal delivery devices for liquid and powder formulations. The technology has been successfully tested in a number of clinical trials with results confirming the superiority of the technology compared to traditional nasal sprays. Investors in OptiNose include Avista Capital Partners in New York, WFD Ventures LLC located in New York and Entrepreneurs Fund LP based in Jersey, Channel Islands. For more information please visit www.OptiNose.com.
About Bi-directional Nasal Delivery Technology
OptiNose’s bidirectional nasal delivery technology significantly improves delivery to the targeted sites deep into the nose. While exhaling into the device, the soft palate automatically closes off the nasal cavity completely. The breath enters one nostril through a sealing nozzle and triggers the release of drug particles into the airflow. This action causes the narrow nasal passages to expand and carry these particles beyond the nasal valve to targeted sites. After delivering drug particles to the targeted sites, the air flow then exits the nasal cavity through the other nasal passage in the opposite direction.
Contact:
Darren Brandt
(212) 446-1861
dbrandt@sloanepr.com
Dan Zacchei
(212) 446-1882
dzacchei@sloanepr.com