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- Patrys (PAB) subsidiary Nucleus Therapeutics receives a $3.35 million research and development tax incentive refund from the Australian Federal Government
- The funds are for R&D undertaken during the 2021/2022 financial year
- Patrys CEO and Managing Director James Campbell says the company is “extremely grateful” for the support the government provides to the Australian biotech industry
- This rebate, in combination with Patrys’ existing cash balance, will enable the company to continue advancing its treatments for a range of cancers in the second half of 2023
- Patrys is down 3.13 per cent and trading at 3.1 cents at 2:32 pm AEDT
Patrys (PAB) subsidiary Nucleus Therapeutics has received a $3.35 million research and development (R&D) tax incentive refund for the 2021/2022 financial year.
The Federal Government R&D tax incentive scheme helps companies innovate and grow by providing a tax offset of up to 43.5 per cent for eligible research and development.
Patrys has been focused on the development of its deoxymab platform of cell-penetrating antibodies as therapies for a range of different cancers.
Patrys CEO and Managing Director James Campbell said the company was “extremely grateful” for the strong support that the Australian Federal Government provided to the country’s biotech industry.
“For Patrys, this current rebate, in combination with our existing cash balance, has enabled the company to confidently continue advancing PAT-DX1 towards the clinic in the second half of 2023 despite challenging conditions in both the industry and capital markets,” Dr Campbell said.
Patrys was down 3.13 per cent and trading at 3.1 cents at 2:32 pm AEDT.
