CyDex Pharmaceuticals Selected by Treasury Department for Two Therapeutic Discovery Project Grants Read more: http://www.benzinga.com/press-releases/

CyDex Pharmaceuticals, Inc. today announced that it has been selected by the U.S. Department of the Treasuryfor two Therapeutic Discovery Project grants totaling $488,000. The company expects to receive both cash awards no later than the first quarter of 2011.

CyDex will receive Therapeutic Discovery Project grants for two product candidates in its development pipeline. The first product is an Orphan Drug designated Captisol-enabled^® Melphalan HC1 for Injection – a one-vial, propylene glycol-free formulation of the FDA-approved chemotherapy for multiple myeloma marketed under the brand name Alkeran^® by GlaxoSmithKline. The second CyDex product is a novel Captisol-enabled intravenous formulation of clopidogrel – the active ingredient in PLAVIX^®, an orally available anti-platelet drug currently marketed by Bristol-Myers Squibb Company and Sanofi-Aventis, Inc. Both CyDex products are based on the company's patented Captisol^® technology, which improves the solubility, stability, bioavailability, safety and dosing of active pharmaceutical ingredients.