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- Biopharmaceutical company Starpharma (SPL) receives a $7.1 million research and development tax incentive refund
- The tax offset relates to SPL’s Australian and global expenses over the 2022 financial year
- Starpharma CEO Jackie Fairley says over the year, the company developed three clinical stage ‘DEP’ assets with “high commercial and therapeutic potential”
- Additionally, SPL developed a portfolio of marketed products, including VIRALEZE, which was registered in its 30th country, Indonesia, earlier this month
- Shares in SPL are up 1.94 per cent to 52.5 cents at 10:58 am AEDT
Biopharmaceutical company Starpharma (SPL) has received a $7.1 million research and development (R&D) tax incentive refund.
The tax refund comes under the Australian Federal Government’s research and development tax incentive scheme and relates to SPL’s eligible Australian and global R&D expenses over the 2022 financial year.
Starpharma CEO Jackie Fairley said over the year, the company had developed three clinical-stage ‘DEP’ assets with “high commercial and therapeutic potential”.
Additionally, Dr Fairley pointed out that the company had also developed a portfolio of marketed products including its broad-spectrum antiviral nasal spray, VIRALEZE.
“The Australian Government’s R&D Tax Incentive plays a key role in helping local companies continue to innovate and grow,” she said.
Today’s news follows the company’s registration of VIRALEZE in Indonesia earlier this month, taking the number of countries selling the nasal spray to 30.
Starpharma’s proprietary drug delivery platform technology, DEP, has been developed to improve pharmaceuticals to reduce toxicities and enhance their performance.
There are numerous internal and partnered programs underway to develop DEP versions of existing drugs, particularly in the area of anti-cancer therapies.
Shares in SPL were up 1.94 per cent to 52.5 cents at 10:58 am AEDT.
