- Cyclopharm (CYC) is set to receive a $3.1 million research and development tax incentive from AusIndustry for FY20
- Cyclopharm is the radiopharmaceutical company responsible for developing the Technegas product
- Technegas is a lung ventilation imaging agent, which is used to assess a patient’s lung function
- After receiving strong support from U.S. healthcare workers, the technology is currently awaiting the tick of approval from the U.S. Food and Drug Administration
- Additionally, Cyclopharm recently raised $30 million through a placement to expand into the U.S. market
- Company shares have dropped 1.07 per cent and are trading at $2.78
After completing a claim for the 2020 financial year, Cyclopharm (CYC) is set to receive a research and development tax incentive totalling $3.1 million.
The $3.1 million incentive was approved by AusIndustry, and Cyclopharm expects to receive the money in the 2021 financial year.
The figure represents a $90,000 increase on the $3.01 million the company received from 2019’s corresponding tax period.
Cyclopharm is the radiopharmaceutical company responsible for developing the Technegas product. This core product is a lung ventilation imaging agent, which assesses a patient’s lung function.
As reported last month, Technegas is set to be approved by the U.S. Food and Drug Administration this year following strong support from frontline healthcare workers in the U.S.
The healthcare stock also recently raised $30 million through a placement. Roughly 11.5 million shares were issued at $2.60 per share to institutional and sophisticated investors.
Cyclopharm is primarily using the money to accelerate expansion into the U.S. market.
Company shares have dropped 1.07 per cent and are trading at $2.78 at 2:43 pm AEDT.