- NeuroScientific Biopharmaceuticals (NSB) receives Advance and Overseas Finding by AusIndustry for the development of its EmtinB treatment
- This government initiative provides the Australian biotech industry with financial support through tax offset benefits
- NSB is eligible to receive rebates on up to $25 million of R&D costs incurred during 2021, 2022 and 2023
- This support will assist NSB with its upcoming first in-human phase one clinical study of EmtinB for ocular conditions that damage the optic nerve
- Company shares are up 6.35 per cent to trade at 33.5 cents at 12:28 pm AEST
NeuroScientific Biopharmaceuticals (NSB) has been granted an Advance and Overseas Finding by AusIndustry.
This has been approved under the Research and Development (R&D) Tax Incentive program for the development of EmtinB. EmtinB is a novel therapeutic treatment for ocular conditions that damage the optic nerve.
NSB is able to receive R&D rebates of up to $25 million of R&D expenditure incurred during 2021, 2022 and 2023. The rebates will cover the majority of all future R&D work in glaucoma and neurodegeneration programs.
This initiative is administered by the Australian government to provide financial support to the biotech industry through tax offset benefits on eligible R&D spending.
CEO and Managing Director Matt Liddelow commented on the approval.
“We appreciate the continued support from AusIndustry and the Australian government in the development of our novel drug candidate EmtinB as a therapeutic treatment for neurodegenerative conditions,” Mr Liddelow said.
NeuroScientific is currently completing the final stages of its preclinical safety program in preparation for the commencement of a first in-human phase one clinical study of EmtinB.
Company shares were up 6.35 per cent to trade at 33.5 cents at 12:28 pm AEST.