Australian biotech Arovella Therapeutics Ltd (ASX:ALA) has received a $3 million research and development (R&D) tax incentive refund for FY2024, while a further $300,000 is expected in the coming months.
The expected $300,000 is related to costs covered by an advanced overseas finding that was successfully obtained after ALA lodged its income tax return that resulted in the $3 million refund.
These funds further strengthen Arovella’s cash position as it progresses development of its lead asset, ALA-101, towards first-in-human clinical trials.
ALA-101 is a next-generation "off-the-shelf" CAR-iNKT cell therapy that targets CD19+ B cell lymphomas and leukaemias.
Arovella CEO and managing director Dr Michael Baker said: “The R&D Tax Incentive scheme provides valuable support for companies such as Arovella and we look forward to using these funds to advance our programs towards the clinic.”
The Australian Government's Research and Development Tax Incentive is a program to encourage businesses to undertake R&D activities and provides eligible companies with cash refunds for 43.5% to 48.5% of eligible expenditure on research and development activities.
Clinical advisory board prepares for FDA meeting, first-in-human trials
ALA recently announced it has assembled a Clinical Advisory Board (CAB) of high-calibre clinical oncologists as it prepares for a key US Food and Drug Administration (FDA) meeting.
The CAB will provide expert clinical insight and strategic advice focusing on CD19-positive haematological malignancies (blood cancers), as the company looks to file its investigational new drug (IND) application and start its first-in-human Phase 1 clinical trial.
Read more: Arovella Therapeutics establishes Clinical Advisory Board ahead of key US FDA meeting