Melbourne, Australia; Starpharma (ASX: SPL, OTCQX: SPHRY) today announced it has received the anticipated $3.4M of R&D tax incentive refund related to FY15 expenditures.

The R&D tax refund relates to Australian R&D expenditure on VivaGel^®, DEP^TM docetaxel and agrochemical programs, as well as eligible overseas expenditure for Starpharma’s DEP^TM docetaxel clinical program.

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

“The R&D tax incentive is an important program and provides a significant incentive to Starpharma in researching, developing and advancing commercially attractive innovative products.

“In addition to more advanced products such as VivaGel^®, the R&D tax incentive has provided important support to the development of Starpharma’s DEP^TM platform. The DEP^TM platform has yielded valuable product opportunities including DEP^TM docetaxel and underpins the major deal with AstraZeneca as well as other high potential internal programs, such as the recently highlighted targeted DEP^TM program.”

Download ASX Announcement: Starpharma receives $3.4M R&D tax incentive refund (pdf file, 124kb)