- Zelira Therapeutics has pocketed almost $1.4 million from the Australian Government’s research and development (R&D) tax incentive scheme
- The scheme provides eligible Australian companies with tax offsets or refunds of up to 43.5 per cent of annual research spending
- Zelira has received a $1,378,000 cash refund for its research on clinically validated cannabis medicines in the 12 months to June 30
- The money provides an additional funding runway as the company seeks to commercialise three of its products, and continue R&D work across its development portfolio
- Zelira Therapeutics is trading grey for an even 10 cents
Zelira Therapeutics has pocketed almost $1.4 million from the Australian Government’s research and development (R&D) tax incentive scheme.
Cash back
Administered by the Department of Industry, Science, Energy and Resources, the rebate is applied to domestic R&D spending conducted for the purpose of generating “new knowledge.” The definition covers a broad range of R&D activity, including materials, products, devices, processes or services.
The scheme provides eligible Australian companies with tax offsets or refunds of up to 43.5 per cent of annual research spending.
Zelira has received a $1,378,000 cash refund for its research on clinically validated cannabis medicines in the 12 months to June 30.
The extra cash provides an additional funding runway as the company seeks to commercialise three of its products, and continue R&D work across its development portfolio.
Outlook
Zelira is focused on developing branded cannabis products for the treatment of a variety of medical conditions.
Three products are market-ready, and will roll-out globally after recent product launches.
With the extra funds in the bank the company will be able to accelerate marketing activities for its Zenivol therapy for chronic insomnia, the HOPE therapies for Autism Spectrum Disorder, and a new CBD toothpaste.
The company will also continue development work on its autism and insomnia therapies, as well as opioid reduction in patients with chronic non-cancer pain.
With the $1.4 million tax windfall and expected revenues from the recently-launched products, Zelira should be well funded to continue its R&D work through 2021 — with more potential rebates in the pipeline.
Zelira Therapeutics is trading grey for an even 10 cents at 1:04 pm AEDT.