Dec 16, 2019
Starpharma receives $4.9M R&D tax incentive refund
Melbourne, Australia; 16 December 2019: Starpharma (ASX: SPL, OTCQX: SPHRY) today announced that it has received a $4.9M R&D tax incentive refund which relates to the costs of research and development during the 2019 Financial Year. The refund is in respect of eligible R&D activities across Starpharma’s portfolio, including DEP® and VivaGel®.
The R&D tax incentive amount further strengthens Starpharma’s strong cash position, with the Company reporting its cash balance for the quarter ended 30 September 2019 at $36.8 million, which did not include this receipt.
The Australian Government’s R&D tax incentive encourages companies to engage in R&D by providing a tax offset for eligible R&D activities, increasing opportunities for highly skilled employment and adding to Australia’s long-term economic prosperity, whilst also having the potential to improve both local and global health outcomes.
Commenting on the refund, Starpharma CEO Dr Jackie Fairley said: “The R&D tax incentive is an important initiative to support the development of Australian innovations, such as VivaGel® BV. VivaGel® BV is a global product which was developed in Australia and is on market in Europe and Australia, and soon to be launched in Asia. This refund will enable Starpharma to direct further resources to advancing its high-value DEP® oncology assets in parallel, including its three clinical-stage products, and to expand its preclinical pipeline.”
Download ASX Announcement: Starpharma receives $4.9M R&D tax incentive refund (pdf, 50kb)