The $1bn in funding and credits allocated to the QTDP Program is being distributed to companies with fewer than 250 employees whose research shows the potential to result in new therapies that address areas of unmet medical need.

Cardiogenesis executive chairman Paul McCormick said that the QTDP Program was designed to identify and support innovation and they recognise the potential of our Phoenix Combination Delivery System to treat the growing problem of diffuse coronary artery disease.

“The grant will support our clinical and regulatory objective to begin an IDE study for the Phoenix system,” McCormick said.

The QTDP’s grants and tax credits are provided under the new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010.