Radiopharm Theranostics Ltd (ASX:RAD) has received a research and development (R&D) tax refund of $4,851,839 under the Australian Government’s R&D tax incentive, which provides companies engaging in eligible activities with a refundable tax offset of up to 43.5%.
The refund is in recognition of Radiopharm’s R&D activities during the 2023 financial year and will provide important funding for continued development of its portfolio of radiopharmaceutical products for diagnostic and therapeutic applications.
In its recent quarterly report, released October 31, the company confirmed it is continuing its transformation from preclinical to clinical-stage with multiple assets and that its pipeline continues to be recognised as one of the most promising in the high-potential radiopharmaceutical sector.
Two clinical trials have started screening patients with pancreatic cancer and non‐small cell lung cancer, to assess their eligibility to start dosing.
Engagement with FDA is active on multiple fronts to prepare the next two trials.
Radiopharm also said progress had been made in the production of high-quality GMP material that is at the core of its molecules.