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- Starpharma (SPL) receives a $7.7 million research and development tax incentive refund
- The refund falls under the Australian Federal Government’s R&D Tax Incentive Scheme
- The funds were granted in relation to the company’s activities during the 2021 financial year, including development of its DEP oncology products and VIRALEZE antiviral nasal spray
- This follows $1 million in funding awarded to the company for the development of VIRALEZE provided through the Australian Government’s Medical Future Fund Biomedical Translation Bridge program
- Starpharma dips 1.72 per cent, trading at $1.14 at 2:40pm AEDT
Starpharma (SPL) has received a $7.7 million research and development tax incentive refund.
The refund was related to the company’s Australian and international research and development expenses from the 2021 financial year, including activities for the company’s DEP oncology products and VIRALEZE antiviral nasal spray.
The refund falls under the Australian Federal Government’s R&D Tax Incentive Scheme, which offers a refundable tax offset for eligible companies to encourage investment in R&D – which is considered a key driver of economic growth and job creation.
“Our DEP (drug delivery) platform has the potential to create life-changing products for patients and the R&D tax incentive allows Starpharma to expand and advance its DEP programs,” Starpharma CEO Dr Jackie Fairley said.
“Starpharma has developed three internal phase 2 DEP oncology products and continues to progress new DEP candidates towards the clinic, including in innovative areas like antibody drug conjugates and radiotheranostics.”
The tax refund follows $1 million in funding awarded to the company for the development of VIRALEZE provided by the Australian Government’s Medical Future Fund Biomedical Translation Bridge program. VIRALEZE is a broad-spectrum antiviral nasal spray that contains SPL7013, which has been shown to have antiviral and virucidal effects on multiple respiratory viruses, including inactivation of more than 99.9 per cent of the Delta variant of SARS-CoV-2 in laboratory studies.
Starpharma dipped 1.72 per cent, trading at $1.14 at 2:40pm AEDT.
