1 September 2024
Starpharma to recoup additional $2 million for overseas R&D
Melbourne, Australia; Starpharma (ASX: SPL, OTCQX: SPHRY) today announced that following a submission to AusIndustry, it is eligible to receive an additional estimated A$2.3 million cash in R&D tax incentive for overseas R&D activities for its Dendrimer-Docetaxel program.
Starpharma will also receive the 45% R&D tax incentive for eligible Australian expenditure for the Dendrimer-Docetaxel program, including the clinical trial that will commence shortly. The AusIndustry submission supports the clinical and regulatory activities over a three year period beginning in the 2012/13 financial year.
This advance finding is separate from the previously announced substantial overseas tax incentive for the VivaGel® bacterial vaginosis program under the R&D Tax program.
It is anticipated that following lodgement of the company’s 2012/13 tax return, a $4.7 million cash refund will be received in the current financial year.
Starpharma CEO Dr Jackie Fairley said: “The R&D tax incentive is an important program to support Australian companies developing new pharmaceuticals and this positive ruling for Docetaxel is timely as this product moves into the clinic.”
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