Clinical stage biopharmaceutical company Opthea (ASX:OPT) has received a $6.6 million research and development (R&D) tax credit from the Australian Taxation Office.
The company is developing novel therapies to treat highly prevalent and progressive retinal diseases.
Its lead product candidate OPT-302 is in phase 3 clinical trials. It is being developed for use in combination with anti-VEGF-A monotherapies to achieve broader inhibition of the VEGF family.
The R&D tax incentive payment is for costs incurred in the 2020-21 financial year. It relates to both Australian and eligible overseas expenditure for the development of OPT-302.
Opthea CEO and managing director Dr Megan Baldwin said, “This R&D tax incentive credit of A$6.6 million further strengthens our balance sheet as Opthea continues global patient recruitment in our pivotal Phase 3 ShORe and COAST clinical trials of OPT-302 in wet AMD.”