Mar 12, 2019
Starpharma receives $4.0M R&D tax incentive refund
Melbourne, Australia; 12 March 2019: Starpharma (ASX: SPL, OTCQX: SPHRY) today announced that it has received a $4.0M R&D tax incentive refund which relates to the costs of research and development during the 2018 Financial Year. The refund is in respect of eligible R&D activities across Starpharma’s portfolio, including VivaGel® and DEP® programs. This amount was not included in Starpharma’s cash balance reported in the Company’s Interim Report for the half-year ended 31 December 2018.
Starpharma is highly supportive of the Australian Government’s R&D tax incentive which encourages companies to engage in R&D programs that have the potential to improve global health outcomes, while generating economic benefits locally.
Commenting on the refund, Starpharma CEO Dr Jackie Fairley said: “The R&D tax incentive plays a pivotal role in supporting innovation in the Australian biotech and pharmaceutical industry, particularly for companies like Starpharma that are engaged in clinical and late stage product development. The refund enables Starpharma to expand and advance its high-value DEP® portfolio, including several clinical stage products and new preclinical programs. As part of this expansion, the Company expects to commence a phase 1 / 2 clinical trial for DEP® irinotecan, in FY19, which will be Starpharma’s third DEP® product to progress into the clinic.”
Download ASX Announcement: Starpharma receives $4.0M R&D tax incentive refund (PDF, 138KB)