ISSYS applied for these grants earlier in the year under the Qualifying Therapeutic Discovery Program. The program was overseen by the U.S. Department of Health and Human Services (HHS) which determined if the proposed project met the definition of a “qualifying therapeutic discovery project.” The IRS then certified the qualifying investment and approved the award amount. The qualified investments primarily represented 2009 research and development expenses which will continue into 2010.
Dr. Nader Najafi, ISSYS President and CEO, stated that, "These grants will be used to improve medical products which utilize the wireless, batteryless, sensing implant technology developed at ISSYS. These products target applications including congestive heart failure and traumatic brain injuries. It will also help us take our drug infusion monitoring and pumping technology to the market place.”