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QUALIFYING THERAPEUTIC DISCOVERY PROJECT GRANT
6 Months Ended
May 31, 2012
Qualifying Therapeutic Discovery Project Grant [Abstract]  
Qualifying Therapeutic Discovery Project Grant [Text Block]

NOTE 10. QUALIFYING THERAPEUTIC DISCOVERY PROJECT GRANT

 

On October 29, 2010, the Company received notification from the Department of Treasury that it had been awarded a total cash grant of $733,437 under the Qualifying Therapeutic Discovery Project (“QTDP”) program. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provides a grant or tax credit equal to 50% of qualified investment for the Company’s fiscal years ending November 30, 2010 and 2011. Of the total grant, $430,335 and $303,102 related to qualifying expenses incurred during the years ended November 30, 2010 and 2011, respectively. For the three months and six months ended May 31, 2011, the Company recognized $104,662 and $229,387, respectively, of grant revenue as other income as the corresponding expenses were incurred. During the three months ended February 29, 2012, the Company collected proceeds totaling $303,102 of the grant related to the year ended November 30, 2011.

 

The funds were granted in connection with the Company’s projects MCT-465 and MCT-475 drug development programs for the treatment of cancer and MCT-125 drug development for the treatment of fatigue in multiple sclerosis patients.