Emyria Ltd (ASX:EMD) has received a Research and Development (R&D) Tax Incentive refund of $2,527,316 for research activity performed during the 2022-2023 financial year.
The R&D Tax Incentive is an Australian Government program to support Australian companies undertaking R&D activities in Australia.
It is particularly welcome in the biotech space where projects are research-intensive and stand to result in considerable public health innovations developed for the local population.
Eligible companies can receive cash rebates of up to 43.5% of eligible expenditure on R&D activities.
"Reflects deep investment"
CEO and managing director Dr Michael Winlo said: “This substantial cash refund reflects Emyria's deep investment into mental health research and development over the past financial year and follows our key specialist psychiatrist obtaining Authorised Prescriber status last week.
“The period was marked by significant milestones in our quest to develop and deliver innovative mental health treatments for the large number of patients who are not able to find relief through conventional care.
“This cash refund helps strengthen the expansion of our clinical services and our robust drug development pipeline and we look forward to providing further updates on these initiatives in 2024.”
About Emyria
The company is working on new treatments for mental health and select neurological conditions through a unique business model combining clinical services and drug development.
The healthcare arm of the business delivers evidence-based treatments for patients not finding relief from conventional care while also helping evaluate emerging new therapies like MDMA-assisted therapy for PTSD.
The data arm collects strong, ethically-sourced Real-World Data from patients and integrates it into an advanced data platform powered by Palantir.
Emyria data is used to improve the company’s distinct therapy and drug development programs.
Emyria’s pipeline is one of the world's largest libraries of unique MDMA-like compounds. It was founded in partnership with the University of Western Australia to develop new psychedelic-assisted therapies and treatments for neurological diseases.
The company boasts a folio of unique, highly potent dose forms of ultra-pure cannabinoids awaiting registration for a range of mental health and neuroscience indications.