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Qualifying Therapeutic Discovery Project Grant
12 Months Ended
Nov. 30, 2012
Qualifying Therapeutic Discovery Project Grant [Abstract]  
Qualifying Therapeutic Discovery Project Grant [Text Block]

Note 13 – 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 provided 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 relates to qualifying expenses incurred during the year ended November 30, 2010 and the remainder of $303,102 relates to qualifying expenses incurred during the year ending November 30, 2011. For the year ended November 30, 2011, the Company recognized $303,102 as grant revenue during the quarterly periods in which the corresponding expenses were incurred. The grant income for the year ended November 30, 2011 was collected in December 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.