Bio-Gene Technology (ASX:BGT) receives $446k R&D tax incentive

• Bio-Gene Technology (BGT) receives a $446,000 tax rebate from the Australian Taxation Office
• The refund falls under the Australian Federal Government’s research and development tax incentive
• The cash was refunded for costs incurred during the development of BGT’s Flavocide and Qcide products over the 2021/2022 financial year
• Bio-Gene’s CEO and Managing Director Richard Jagger says the tax refund will be reinvested into BGT’s ongoing commercialisation and development programs
• Shares in BGT last traded at 11.5 cents on January 19

Bio-Gene Technology (BGT) has received a $446,000 tax rebate from the Australian Taxation Office.

The refund comes under the Australian Federal Government’s research and development tax incentive and was payable to BGT for costs incurred during the development of its Flavocide and Qcide products over the 2021/2022 financial year.

Bio-Gene’s CEO and Managing Director Richard Jagger said the credit will further strengthen the company’s balance sheet after it reported $5.3 million in cash reserves for the September 2022 quarter.

The rebate was included in the company’s audited financial statements at June 30, 2022.

Mr Jagger said the tax refund will be reinvested into the company’s ongoing commercialisation and development programs.

Bio-Gene is an Australian ag-tech company focused on developing novel insecticides to address global problems of insecticide resistance and toxicity.

The company’s products are based on a naturally occurring class of chemicals known as beta-triketones.

The R&D tax incentive is an Australian Federal Government program under which companies can receive cash incentives for 43.5 per cent on eligible research and development expenditure.

Shares in BGT last traded at 11.5 cents on January 19.