- Arovella Therapeutics (ALA) receives a $524,000 tax refund from the Australian Taxation Office
- The refund was returned under the research and development (R&D) tax incentive for the 2021 financial year
- The program recognises Arovella’s R&D work relating to its treatment development for cancer and conditions that affect the central nervous system.
- The company says the return will further support its development work for the current year
- Arovella Therapeutics last traded grey at 3.8 cents at 3:20 pm AEDT
Arovella Therapeutics (ALA) has received a refund from the Australian Taxation Office (ATO) of just over $524,000 for the financial year.
The refund was returned from the ATO under the research and development (R&D) tax incentive for the 2021 financial year.
The Australian government’s R&D tax incentive encourages companies to engage in research programs by providing a refundable tax offset of up to 43.5 per cent for eligible activities.
In Arovella’s case, the incentive recognised the R&D work undertaken by the company during the last financial year in developing its cell platform and oral spray delivery technology.
Arovella is a biotechnology company focused on developing therapies to treat cancer and conditions that affect the central nervous system.
The company said the return would further support its development work for the current year.
Arovella has been working to develop its invariant Natural Killer T (iNKT) cell therapy platform to treat blood cancers, and a low-risk oral spray to reformulate existing pharmaceuticals.
By administering drugs through the cheeks, tongue, gums and palate, the company said it can lower the dosage of drugs while seeing reduced side effects and faster response times to treatment.
Arovella Therapeutics last traded grey at 3.8 cents at 3:20 pm AEDT.