Island Pharmaceuticals Ltd (ASX:ILA) has secured a Research and Development (R&D) tax refund of $386,345 via the Australian Tax Office’s Research and Development (R&D) Tax Incentive for the financial year ending June 2023.
The company says the refund is a valuable source of funding for its lead asset, ISLA-101, which is being repurposed for the prevention and treatment of dengue and other mosquito (or vector) borne diseases.
Solving critical unmet needs
“Running the ISLA-101 Single Ascending Dose study in Australia has enabled access to this R&D Tax Incentive,” Island Pharmaceuticals managing director and CEO Dr David Foster said.
“It is welcome to have access to this non-dilutive funding to feed back into our clinical program.
“The Australian Government’s R&D Tax Incentive plays a vital role in supporting local companies like Island to innovate and grow.
“Investing in medical and scientific R&D not only stimulates industry but enables Australian companies like us to solve critical unmet health needs.”
ILA most recently gained Human Research Ethics Committee (HREC) approval for a Single Ascending Dose study for ISLA-101, in which three cohorts of healthy subjects will receive escalating doses of ISLA-101.
The study’s aim is to ensure that administered doses could safely achieve blood concentrations of ISLA-101 that are predicted to be effective against the dengue virus.
The company expects final data readout to be available in early 2024.