Spectral Molecular Imaging (SMI), a wholly-owned subsidiary of Cascade Technologies, has received $190,172 grant under the Qualifying Therapeutic Discovery Project (QTDP) program to advance the development of the company’s SkinSpect system for the detection of melanoma and other skin cancers.
The grant was awarded by the Internal Revenue Service in collaboration with the US Department of Health and Human Services (USDHHS) under the Patient Protection and Affordable Care Act of 2010.
The QTDP grant program provides support for projects that are determined by the USDHHS to have reasonable potential to result in a new therapy, reduce health care costs, or significantly advance the goal of curing cancer.
SMI chairman and CEO Daniel Farkas said that they appreciate the financial support provided by this award, and given some of the funding constraints associated with the current size of this project, they are pleased that they were awarded the full amount we requested.