Emyria Ltd (ASX:EMD) begins 2023 with a well-stocked war chest, having received $2,094,701 in a research and development (R&D) tax incentive scheme and raised $3 million in a recent share placement.
The R&D tax refund is an Australian Government incentive designed to support competitiveness and productivity by encouraging R&D in smaller companies and in industries that would otherwise be ignored.
Eligible companies can receive cash rebates of up to 43.5% of eligible expenditure on R&D activities.
Refund reflects scale of R&D investment
“This substantial refund reflects the scale of Emyria’s research and development investment during the last financial year,” Emyria managing director Dr Michael Winlo said.
“Combined with our recent strategic placement, this R&D tax incentive cash refund bolsters Emyria’s capacity to accelerate the registration of our unique Ultra-Pure cannabinoid dose forms as well as drive further expansion and preclinical screening of our first-in-class, MDMA-inspired drug discovery program.
“We look forward to providing further updates on these programs during 2023.”
Emyria says it is in a strong cash position to complete a Phase 3 clinical trial supporting the registration of EMD-RX5 as an over-the-counter psychological treatment with Australia’s Therapeutic Good Administration (TGA).
The company also intends to kick off plans for US-focused drug registration programs for high-strength, Ultra-Pure cannabinoid dose forms and to advance preclinical screening of the company’s exclusive MDMA-inspired drug discovery program.
Upcoming drug development milestones:
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