Clinical-stage oncology company PharmAust (ASX: PAA) has received a hefty rebate from the Australian Tax Office under the national research and development tax incentive scheme for the work of its wholly-owned subsidiaries Epichem Pty Ltd and Pitney Pharmaceuticals Pty Ltd.
The company today announced it had received a $750,000 refund relating to research and development activities conducted during the 2019-2020 financial year, and will use it to advance a series of clinical trial programs aimed at human and animal healthcare.
PharmAust finance director Sam Wright said the company had previously lodged an application with AusIndustry (within the Department of Industry, Innovation and Science) following advice that its research and development programs may qualify for the rebate. Read more…..
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