The refund is based on AU$1.6 million in eligible R&D spending used to advance the Company’s lead i-body AD-114.
24th August 2016, Melbourne, Australia – AdAlta Limited (ASX: 1AD), the biotechnology company specialising in the development of i-body protein-based therapeutics, has received a Research and Development Tax Incentive Refund of AUD$0.73 million for the 2015/2016 financial year.
The refund is derived from AU$1.6million of eligible R&D expenses incurred developing the lead i-body AD-114, which shows promise in treating fibrosis, notably idiopathic pulmonary fibrosis (IPF) and other fibrotic diseases, for which current therapies have limited efficacy and where there is a high-unmet medical need.
The R&D Tax Incentive is a program jointly administered by the Australian Taxation Office and AusIndustry, under which companies receive a 45% refundable tax offset of expenditures on eligible research and development activities.