WASHINGTON — Although the Treasury Department is not likely to call for applications and outline the eligibility criteria until mid-May for the so-called qualifying therapeutic discovery tax credits, biotechs need to start preparing now by identifying potential eligible costs and projects, because the limited funds are likely to go fast, said Ruth Holzman, a partner in the tax department with the Los Angeles law firm Reed Smith LLP. (BioWorld Today)

Although results from Molecular Insight Pharmaceuticals Inc.'s Phase II data of Onalta (Yttrium-90 edotreotide), which showed the drug improved symptoms of metastatic carcinoid tumors in refractory patients, actually published nearly two weeks ago – and more than a month ago online – it took an after-market press release Monday to awake investors to the news. (BioWorld Today)