- Patrys’ (PAB) subsidiary Nucleus Theraputics receives a more than $600,000 research and development (R&D) tax incentive refund
- Melbourne-based Patrys develops antibodies to treat a range of cancers
- The incentive from the Federal Government encourages companies to engage in R&D that will benefit Australia
- Patrys CEO and Managing Director Dr James Campbell says the funds enable PAB to get the first of its deoxymab developments into the clinic
- Company shares are up 3.2 per cent to 3.2 cents each at 1:58 pm AEST
Patrys (PAB), through its wholly owned Nucleus Therapeutics subsidiary, has received a research and development (R&D) tax incentive refund of $626,780 for the 2019/20 financial year.
Based in Melbourne, Patrys is focussed on developing its deoxymab platform of cell-penetrating antibodies as therapies for a range of cancers.
Administered by the Australian Federal Government, the incentive encourages companies to engage in R&D that will benefit Australia, by providing a refundable tax offset of up to 43.5 per cent for eligible activities.
“This rebate, on top of the $7.3 million capital raising that Patrys completed in December 2020, provides sufficient funds for Patrys to get the first of its deoxymabs into the clinic,” Patrys CEO and Managing Director Dr James Campbell said.
So far, PAB has developed two humanised forms of deoxymab, PAT-DX1 and PAT-DX3, which it says have improved activity compared with the original deoxymab antibody.
The company is undertaking final preclinical studies and pharmacetucal-grade, scale-up manufacturing of PAT-DX1.
On the market this afternoon, Patrys shares were trading 3.2 per cent higher at 3.2 cents at 1:58 pm AEST.