AdAlta Ltd (ASX:1AD) has received an additional $495,454 of its 2022FY Research and Development Tax Incentive (RDTI) refund, as a result of an overseas finding certificate issued by AusIndustry.
The company's total FY2022 RDTI refund is $2,077,927.
The RDTI is an Australian Government program that supports biotechnology and other sectors under which companies receive cash refunds for eligible expenditure on research and development.
AdAlta, a clinical-stage drug discovery company which is developing novel therapeutic products from its i-body platform, received the refund for 43.5% of eligible expenditure.
Part of the rebate may be used for a partial repayment of the $4 million non-dilutive financing facility agreement with the Victorian Government announced on September 20, 2021.
This is fully repayable on receipt of the FY2023 RDTI rebate.
About AdAlta
AdAlta is using its proprietary i-body technology platform to solve challenging drug-targeting problems and generate a promising new class of single-domain antibody protein therapeutics with the potential to treat some of today’s most challenging medical conditions.
The i-body technology mimics the shape and stability of a unique and versatile antigen-binding domain that was discovered initially in sharks and then developed as a human protein.
The result is a range of unique proteins capable of interacting with high selectivity, specificity and affinity with previously difficult to access targets such as G-protein coupled receptors (GPCRs) that are implicated in many serious diseases. i-bodies are the first fully human single-domain antibody scaffold and the first based on the shark motif to reach clinical trials.
AD1 has completed Phase I clinical studies for its lead i-body candidate, AD214, which is being developed for the treatment of Idiopathic Pulmonary Fibrosis (IPF) and other human fibrotic diseases for which current therapies are suboptimal and there is a high unmet medical need. AdAlta has a second target in discovery research, also in the field of fibrosis and inflammation.
The company’s overarching strategy is to maximise the products developed using its next-generation i-body platform by internally discovering and developing selected ibody-enabled product candidates against GPCRs implicated in fibrosis, inflammation and cancer and partnering with other biopharmaceutical companies to develop product candidates against other classes of receptor, in other indications, and in other product formats.