- PharmAust (PAA) has received a research and development (R&D) rebate of just over $750,000 through the R&D Tax Incentive Scheme
- The program is jointly administered by the Australian Taxation Office and AusIndusty
- PAA says the refund recognises the company’s innovative work with wholly owned subsidiaries Epichem and Pitney Pharmaceuticals
- Through the scheme, companies can receive up to a 43.5 per cent refundable tax offset on eligible expenses for research and development activities
- PAA applied to AusIndustry for the rebate as part of its 2020 tax return
- Earlier this month, the company found antiviral activity while investigating two of its lead candidates’ ability to prevent and treat COVID-19
- PharmAust shares are up 7.14 per cent, trading at 10.5 cents each
Clinical-stage oncology company PharmAust (PAA) has received a research and development (R&D) rebate of just over $750,000 through the R&D Tax Incentive Scheme.
PAA says the refund recognises the company’s innovative work with wholly owned subsidiaries Epichem and Pitney Pharmaceuticals.
Under the scheme, which is jointly administered by the Australian Taxation Office and AusIndustry, companies can receive up to a 43.5 per cent refundable tax offset on eligible expenses for research and development activities.
PAA applied to AusIndusty to receive the rebate as part of the company’s 2020 tax return.
Earlier this month, the company found antiviral activity while investigating two of its lead candidates’ ability to prevent and treat COVID-19.
PharmAust, which also develops therapeutics for animals, recently posted promising results from a phase 2b clinical trial of its monepantel candidate in the treatment canine naive B-cell lymphoma.
PharmAust shares are up 7.14 per cent, trading at 10.5 cents at 9:22 am AEST.