Noxopharm Ltd (ASX:NOX) has been awarded a $5.011 million tax rebate under the Australian Federal Government’s Research and Development Tax Incentive scheme for capital expenditure in the 2022 financial year.
The scheme is designed to support companies that innovate and grow by offsetting some of the costs of eligible research and development (R&D).
Noxopharm is a biotech company with three active drug development programs, including clinical drug candidate Veyonda, an immunotherapy drug targeted at tumours, and two technology platforms: Chroma™, for oncology, and Sofra™, for inflammation and autoimmunity.
The company is currently advancing indications for checkpoint inhibitors, septic shock and cytokine storms, radiotherapy, intravenous radiopharmaceuticals and chemotherapy.
Time of critical research activity
“This rebate strengthens our cash position at a time of critical research activity to advance our drug development pipeline,” Noxopharm CEO Dr Gisela Mautner said.
“Specifically, it will support our ongoing clinical trials for Veyonda®, as well as further our early-stage R&D assets via the Chroma and Sofra programs.
“The Federal R&D rebate is designed to help companies grow while boosting our nation’s economy, and we welcome the Government’s support of businesses like ourselves that are harnessing technology in new and sophisticated ways.”