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- Noxopharm (NOX) receives a $5.8 million cash refund under the Federal Government’s Research and Development rebate for FY21
- The refund further strengthens its cash position from $23.6 million on September 30
- The company says the refunded cash is in line with its forecast and forms an important part of its forward budgeting activities
- Noxopharm says the receipt means it can go into a year of high growth in a healthy cash position
- NOX shares are up 6.88 per cent, trading at 42.8 cents
Noxopharm (NOX) shares have jumped following a $5.86 million cash refund under the Federal Government’s Research and Development rebate.
Noxopharm is an Australian clinical-stage drug development company focused on the treatment of cancer and cytokine release syndrome, or septic shock. The company’s first pipe-line drug candidate, Veyonda, is currently in Phase 2 clinical trialling.
The cash refund was granted for R&D expenditure during the 2021 financial year under the Australian Government’s Research and Development Tax Incentive Scheme.
Noxopharm said the refund further strengthens its cash position from $23.6 million on September 30, as it promotes itself as an innovative partnering target.
Noxopharm CEO, Graham Kelly, said the refunded cash is in line with its forecast and forms an important part of its forward budgeting activities.
“The coming year holds a very significant level of activity and opportunity for the company with our wide-ranging programs across cancer, septic shock, autoimmune disease and RNA drug/vaccine technology,” said Dr Kelly.
“It means we now go into a year of high growth in a healthy cash position.”
Noxopharm shares were up 6.88 per cent, trading at 42.8 cents at 12:30 pm AEDT.
