Regenerative medicine company Orthocell (ASX:OCC) has announced it has received a Research and Development (R&D) Tax Incentive refund of almost $2.4 million for 2019-20.
According to managing director Paul Anderson, “Following the recent US approval of Striate+, the receipt of the R&D tax incentive refund further strengthens our capital position and enables us to progress the Striate+ partnering program, CelGro nerve repair regulatory approvals, and development and commercialisation of Ortho-ATI, delivering significant shareholder value.”
The exact refund was $2,394,397. The R&D Tax Incentive is a federal government program that is designed to support Australian companies to undertake R&D activities. These companies and their activities can receive cash rebates of up to 43.5 per cent of eligible expenditure on R&D activities.