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SALT LAKE CITY, July 26, 2010—BSD Medical Corporation (NASDAQ:BSDM) (Company or BSD) today announced that it has submitted two separate grant applications under the Qualifying Therapeutic Discovery Project (“QTDP”) Program. The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act and provides a tax credit or grant equal to 50% of eligible costs and expenses for tax years 2009 and 2010. The Company submitted grant applications for its BSD-2000 Hyperthermia System and its MicroThermX® Microwave Ablation System (MTX-180).
To be eligible, a QTDP must: have the potential to develop new treatments that address “unmet medical needs” or chronic and acute diseases; reduce long-term health care costs; represent a significant advance in finding a cure for cancer; advance U.S. competitiveness in the fields of life, biological, and medical sciences; or create or sustain well-paying jobs, either directly or indirectly. Total funds available under the QTDP Program are limited to $1 billion, with a per company limitation of $5 million.
“We engaged alliantgroup, LP, a renowned specialty tax services firm, to assist with the identification of eligible costs and expenses and the preparation of the grant applications,” stated Harold Wolcott, President of BSD. “Although we cannot predict the outcome of the highly competitive grant approval process, we believe our programs meet several of the key criteria for the QTDP Program, and the potential for significant reimbursement to BSD exists.”
About alliantgroup
alliantgroup, LP, is an independent tax services firm that works with clients to ensure that they receive the full benefits of all available federal and state government sponsored tax credit and incentive programs, such as the QTDP Program. alliantgroup has technical expertise in the medical industry and is the premier resource for medical companies who want to claim Research and Development credits. alliantgroup serves a broad spectrum of clients, from start-ups to the largest Fortune 1000 companies, in nearly every industry and has offices throughout the US.
About BSD Medical Corporation
BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy delivered using focused radio frequency (RF) and microwave energy. BSD’s product lines include both hyperthermia and ablation treatment systems. BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy. BSD’s MTX-180 microwave ablation system has been developed as a stand-alone therapy to ablate and destroy soft tissue. The Company has developed extensive intellectual property, multiple products in the market and well established distribution in the United States, Europe and Asia. Certain of the Company’s products have received regulatory approvals in the United States, Europe and China. For further information visit BSD Medical's website at www.BSDMedical.com.
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Statements contained in this press release that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date.
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