Join our daily newsletter At The Bell to receive exclusive market insights
- Telix Pharmaceuticals (TLX) has recieved $11.4 million from a government-led research and development rebate
- The grant, received today, covers research and development work Telix completed in Australia and overseas last year
- It forms part of a wider tax refund scheme, awarded in 2018, which allows Telix to claim up to $55.2 million in rebates over five years
- The biopharmaceutical company is currently developing technology which uses Molecularly Targeted Radiation (MTR), a technique that binds radioactive payloads directly to a patient’s tumour so it can be imaged
- News of the rebate pushed Telix shares 1.14 per cent into the green in late trade
- Stock is now priced at $1.33 per share in a $334 million market cap
Telix Pharmaceuticals (TLX) has netted $11.4 million from a government-led research and development (R&D) grant.
The grant, received today, covers research and development work Telix completed here and overseas last year. It forms part of a wider tax refund scheme, awarded in 2018, which allows Telix to claim up to $55.2 million in rebates over five years.
“The Australian Federal Government’s R&D tax credit scheme is of significant value to a late clinical-stage company such as Telix,” CFO Doug Cubbin said.
“The return of funds to the company under the R&D tax credit scheme materially augments Telix’s ability to deliver its numerous research partnerships and drug development programs both at home in Australia and abroad,” he continued.
The biopharmaceutical company is currently developing technology which uses Molecularly Targeted Radiation (MTR), a technique that binds radioactive payloads directly to a patient’s tumour so it can be imaged.
News of the rebate pushed Telix shares 1.14 per cent into the green in late trade. Stock is now priced at $1.33 per share in a $334 million market cap.
