RXi, ACT Land Nearly $1M Each In Federal Research Grants
Worcester-based RXi Pharmaceuticals Corp. and Advanced Cell Technology have each received four tax exempt grants totaling nearly $1 million from the Internal Revenue Service as part of the Patient Protection and Affordable Care Act of 2010.
The program provides financial support for biotech research aimed at making clinical breakthroughs.
RXi said it plans to use the money in the development of RNAi drugs in a number of disease areas.
ACT is developing stem cell-based treatments for regenerative diseases.
The program's grant applications were reviewed by the IRS and the U.S. Department of Health and Human Services.
Of the total grant amount, about $800,000 is expected to be received by the end of the year and the remainder will be received in January.
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