- Digital health company ResApp Health (RAP) expects to receive around $820,000 in a research and development rebate for FY21
- The company has been approved by AusIndistry to receive the rebate, which relates to its expenditure on COVID-19 trials
- The Advanced and Overseas Finding approval covers 2021, 2022 and 2023 financial years
- The approval means that eligible overseas and Australian research and development expenditure relating to ResApp’s COVID-19 studies will be subject to a 43.5 per cent cash rebate
- Just before the market opens this morning, ResApp last traded at 8.9 cents per share
ResApp Health (RAP) has received approval for its application for an advanced and overseas finding related to its expenditure on COVID-19 clinical studies.
The digital health company received the approval from AusIndustry. The application was in regards to a COVID-19 related Advanced and Overseas Finding.
The finding covers 2021, 2022 and 2023 financial years and means that eligible overseas and Australian research and development expenditure relating to ResApp’s COVID-19 studies will be subject to a 43.5 per cent cash rebate from the Australian Government.
From this, ResApp is expecting to receive a research and development rebate of around $820,000 for the 2021 financial year.
In the US, the company is currently recruiting for its pilot study to collect data to train an algorithm to identify COVID-19 through cough sounds recorded on a smartphone.
Participants from this study will also be recruited into a second study which will collect further cough sounds and data on disease progression to develop algorithms to remotely monitor patients with COVID-19.
Notably, ResApp has also engaged Triomics an Indian clinical trial company, to recruit patients in India.
Commenting on this news is CEO and Managing Director Tony Keating.
“Our COVID-19 research program is looking at developing algorithms for screening for COVID-19 as well as helping healthcare systems better manage patients with COVID-19, including those with long COVID,” Dr Keating said.
“This finding, recognising the need to collect COVID-19 cough samples internationally, provides us with a high degree of certainty in planning our programs. We are very grateful to the Federal Government for their commitment to supporting research and development by Australian companies.”
Just before the market opens this morning, ResApp last traded at 8.9 cents per share.