- Nyrada (NYR) receives a $1.3 million research and development rebate
- The rebate relates to expenditure on cholesterol-lowering and brain injury drug development programs
- The amount received will partially fund the progression of two Phase I clinical trials, as well as the working capital requirements of Nyrada
- Shares in Nyrada were up 4 per cent and last traded at 26 cents each
Drug discovery and development company Nyrada (NYR) has received a $1.3 million cash rebate from the Australian Federal Government’s Research & Development tax incentive program.
The rebate relates to expenditure incurred in the 2021 financial year, specifically preclinical work for the company’s two main projects.
The company says the projects target markets of significant size and considerable unmet clinical needs.
One project is a cholesterol-lowering drug development program.
The other is developing a drug to treat brain injury, specifically traumatic brain injury and stroke.
The amount received will partially fund the progression of these two Phase I clinical trials, as well as the working capital requirements of Nyrada.
Shares in Nyrada were up 4 per cent and last traded at 26 cents each as of 4:06 pm AEDT.