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- Paradigm Biopharmaceuticals (PAR) receives an $8.2 million research and development tax incentive refund
- The clinical stage biopharmaceutical company was granted the refund as part of Australia’s R&D tax incentive scheme
- Paradigm qualified for the refund through its research into its pentosan polysulfate sodium treatment during the financial year ending June 30, 2021
- Funds will be reinvested in further research to support its global phase three clinical program in osteoarthritis and musculoskeletal disorders
- Paradigm Biopharmaceuticals last traded at $1.16 on June 6
Paradigm Biopharmaceuticals (PAR) has received an $8.2 million research and development (R&D) tax incentive refund.
The clinical stage biopharmaceutical company received a refund of $8,212,492 as part of Australia’s R&D tax incentive scheme.
The scheme looks to encourage companies to engage in R&D which can benefit Australia, through offering a refundable tax offset of up to 43.5 per cent for eligible work.
Paradigm qualified for the refund through its research activities for its pentosan polysulfate sodium (PPS) treatment which took place during the financial year ending June 30, 2021.
Paradigm said it will use the funds to reinvest in further research and will continue to support its global phase three clinical program in osteoarthritis and mucopolysaccharidosis (MPS) which causes a progressive cognitive and motor decline through treatment with PPS.
Meanwhile, Paradigm said it has also been exploring proof-of-concept studies for the use of PPS in respiratory and heart failure indications.
Paradigm Biopharmaceuticals last traded at $1.16 on June 6.
