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.” 

Download ASX Announcement: Starpharma to recoup additional $2 million for overseas R&D ( pdf file, 95kb)