- Melbourne based radiopharmaceutical company Telix has had a productive week already, reporting its latest news of a $9.3 million research and development refund from the Australian Government
- As part of the government’s scheme to promote domestic research, Telix is eligible to claim up to a maximum of $55.2 million over the next five years
- The company’s core business right now is focused on Molecularly-Targeted Radiation – a process of using a targeting agent to release a specific payload of cancer-cell killing radiation
- Just three days ago, the company met with the American Food and Drug Administration to help draft American patients into its already global study for targeting kidney cancer cells with an antibody agent
Melbourne based Telix Pharmaceuticals has landed a $9.3 million research and development tax refund.
It’s not the only rebate opportunity for the company though. Over the next five years, Telix is eligible to claim up to a maximum of $55.2 million.
This research and development incentive covers all domestic and international investments by the company.
Companies that are eligible for the government mandated refund are those with a turnover of less than $20 million per year.
“We are appreciative of this support from the Department of Industry, Innovation and Science,” Telix Chairman Kevin McCann said.
“The Federal R&D tax credit scheme continues to be vitally important in enabling Telix to pursue its multiple clinical development programs and research partnerships in Australia and abroad,”
Currently, Telix is focusing on what is called ‘Molecularly-Targeted Radiation’, or MTR.
MTR is a process of using a targeting agent to release a payload of highly selective cancer cell-killing radiation. Telix claims the therapy is typically well-tolerated by patients while helping to shrink and halt the growth of cancer tumors.
The company also claims that MTR assists in targeting cancer cells that are not typically seen by traditional radiotherapy methods.
Just three days ago, the company also had a meeting with America’s Food & Drug Administration (FDA) concerning another of its tentative developments.
Telix discussed with the FDA on including American patients into the phase III study of its ‘ZIRCON’ trial, aimed at cancer cells in the kidneys.
ZIRCON, code for Zirconium Imaging in Renal Cancer Oncology, is already slated for its study in over 26 sites across Europe, Australia, Turkey and Canada.
ZIRCON is an imaging trial drafted for over 250 patients undergoing kidney surgery to determine sensitivity to company imaging agent, TLX250-CDx.
The TLX250-CDx agent is an antibody that will target cancer cells.
Telix reports to file an amended package overview of the ZIRCON trial to the FDA within the next sixty days.
Shares in TLX are trading for $1.63 today, representing a premium of 1.56 per cent. The company’s market cap is currently valued for $349.3 million.