Research and development (R&D) tax refunds have been granted to Radiopharm Theranostics Ltd (ASX:RAD) and Blackstone (NYSE:BX) Minerals Ltd (ASX:BSX, OTCQX:BLSTF) in recognition of the strong work they are doing in their very different fields.
Tax refunds serve two purposes: to highlight advancements and to fill up the coffers so the forward momentum can continue.
RAD received a $1.56 million refund for its research and development activities throughout the 2022 financial year.
The clinical-stage radiotherapeutics company will use the money to continue the development of its portfolio of radiopharmaceutical products for diagnostic and therapeutic applications.
RAD has a pipeline of six distinct and highly differentiated platform technologies spanning peptides, small molecules and monoclonal antibodies for use in cancer, in pre-clinical and clinical stages of development from some of the world’s leading universities and institutes.
The clinical program includes one Phase II and three Phase I trials in a variety of solid tumour cancers including breast, kidney and brain.
Just this week, RAD inked a multi-year strategic research partnership with GenesisCare, a leading global provider of integrated cancer care and theranostic research, to conduct Phase 1 clinical trials in Australia to study the safety and tolerability of novel radiopharmaceuticals.
Read: Radiopharm Theranostics forms multi-year strategic research partnership with GenesisCare to develop radiopharmaceuticals
Blackstone developing refinery process
Blackstone received A$3.8 million from the Australian Tax Office (ATO), in recognition of technical advancements it made during the last financial year.
The company has made significant investment to develop the Ta Khoa Refinery process with ATO recognising the company’s unique strategy to convert nickel concentrate blends into battery products in the form of precursor cathode active material (pCAM).
Blackstone invested heavily in process development and piloting programs and expects to have approximately $16 million cash and cash equivalents at the end of the March quarter including the refund.
Recently, the company completed its second assessment with Digbee ESG, an industry-standard ESG disclosure framework, to support the development of the Ta Khoa Project in northern Vietnam.
Read: Blackstone Minerals' ESG assessment of Ta Khoa Project in Vietnam shows clear improvements