ResApp Health (ASX:RAP) receives $707K R&D tax refund

• Mobile healthcare company ResApp Health (RAP) has received a research and development (R&D) tax refund of more than $707,000
• The company also received an Export Market Development Grant (EMDG) of nearly $94,000, bringing an extra $801,000 to its cash balance
• The EMDG is an Australian financial assistance program for aspiring and current exporters
• ResApp had a busy FY20, launching SleepCheck for sleep apnoea sufferers and teaming up with Phenix Health
• RAP last received a tax refund in December 2019, which totalled $1.8 million
• Shares in ResApp are down 1.47 per cent on the market and are trading at 6.7 cents

Mobile healthcare company ResApp Health (RAP) has received a research and development (R&D) tax refund of $707,744.

The R&D tax refund falls under the Australian Government’s Research and Development Tax Incentive Scheme and relates to R&D activities undertaken throughout FY20.

The company also received an Export Market Development Grant (EMDG) of $93,994, bringing an extra $801,738 to its cash balance.

The EMDG is an Australian financial assistance program for aspiring and current exporters. It is not limited to healthcare but spans a range of industries.

ResApp had a busy FY20, launching SleepCheck for sleep apnoea sufferers, teaming up with Phenix Health, and receiving Therapeutic Goods Administration (TGA) approval for its ResAppDx-EU version 2 app.

ResApp has developed a mobile software device, ResAppDx-EU, which is used by clinicians for the diagnosis of multiple respiratory problems.

It uses machine learning algorithms to analyse a patient’s cough sounds to diagnose diseases and provide quick and accurate information.

It is a software-only solution that can run on smartphones, meaning it does not require any additional hardware or accessories.

ResApp last received a tax refund in December 2019, which totalled $1.8 million.

Shares in ResApp are down 1.47 per cent on the market and are trading at 6.7 cents at 11:28 am AEDT.