- Drug developer Nyrada (NYR) has retreated slightly on the ASX today despite pocketing a million-dollar tax rebate from the Federal Government
- The rebate, which totalled $967,372, comes from the Federal Government’s research and development (R&D) tax incentive program
- This program is designed to support businesses with less than $20 million in annual turnover that are taking on R&D work that benefits the country
- Nyrada received the rebate for its work in developing novel small molecule drugs designed to treat cardiovascular and neurological diseases
- Specifically, the rebate came from Nyrada’s preclinical work in developing cholesterol-lowering and brain injury drugs last year
- The rebate comes just one day after the company revealed two new drug candidates for its in-vivo cholesterol-lowering clinical program
- Shares in Nyrada closed 3.12 per cent lower this afternoon at 31 cents each
Drug developer Nyrada (NYR) has retreated slightly on the ASX today despite pocketing a million-dollar tax rebate from the Federal Government.
The rebate, which totalled $967,372, comes from the government’s research and development (R&D) tax incentive program, which is designed to support small businesses taking on R&D worth that benefits the country.
Typically, businesses with less than $20 million in annual turnover are eligible for the refund, depending on the type of research they conduct.
For Nyrada, the rebate is for the company’s work in developing novel small molecule drugs designed to treat cardiovascular and neurological diseases.
The company has received some cash back from its preclinical work in developing cholesterol-lowering and brain injury drugs last year.
Nyrada told shareholders the cash boost from the rebate will be used in part to fund these two programs to first-phase clinical trials, while some of the cash will also go to general working capital requirements.
The rebate comes just one day after the company revealed two new drug candidates for its cholesterol-lowering clinical program.
Nyrada has been testing its NYX-PCSK9i drug with another conventional cholesterol-lowering drug, known as a statin, in mice. The purpose of the tests is to work out if NYX-PCSK9i can enhance the efficacy of statins in lowering cholesterol levels.
The two new drug candidates were found to have improved potency and absorption compared to NYX-PCSK9i. As such, Nyrada said it will now expand the mouse study to evaluate the effects of the new drug candidates.
Shares in Nyrada closed 3.12 per cent lower this afternoon at 31 cents each. The company has a $32.7 million market cap.