Melbourne, Australia; Starpharma Holdings Ltd (ASX: SPL, OTCQX: SPHRY) today announced it has received the anticipated $4.2M of R&D tax incentive refund relating to FY14 expenditures. 

The R&D tax refund relates to Australian R&D expenditure and eligible overseas expenditure in Starpharma’s VivaGel^®, and DEP™ docetaxel clinical programs.

Commenting on the refund, Starpharma CEO Dr Jackie Fairley said:

“The receipt of the R&D tax incentive further strengthens Starpharma’s balance sheet following the recent financing.

“The R&D tax incentive program greatly assists Australian companies engaged in innovation by providing greater certainty of funding as they create the products of the future.  

“Starpharma’s VivaGel^® condom, available to Australian consumers from today is a good example of a globally significant Australian innovation which has been developed and commercialised with the assistance of this important scheme.”

Download ASX Announcement: Starpharma receives $4.2M R&D tax incentive refund (pdf file, 96kb)