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Actinogen Medical Ltd (ASX:ACW) has received a $9 million R&D (research and development) tax incentive rebate for the 2024 fiscal year, based on clinical tests of its lead compound Xanamem – a prospective therapy for Alzheimer’s Disease and Depression.
The R& D rebate – which for Actinogen amounted to $9,034,351 – is a Federal government program which provides companies with cash refunds for eligible research and development expenditure.
Together with funds on hand, the rebate means Actinogen is financially supported up to mid-2026, facilitating its full enrolment of 220 participants in its Alzheimer’s phase 2b/3 clinical trial.
Xanamem is the key initiative which Actinogen is focusing on as a novel therapy for neurological neuropsychiatric diseases associated with dysregulated brain cortisol, and it controls the level of this chemical through the inhibition of the cortisol synthesis enzyme, 11β-HSD1, without affecting production of cortisol by the adrenal glands.
The drug is designed to enter the brain after it is absorbed in the intestines upon swallowing.
Actinogen’s share price moved up after the news, and at 13:33 AEDT, shares were trading at 2.5 cents – a rise of 4.17% since the market opened.
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