Regenerative medicine company Orthocell (ASX:OCC) has reported a Research and Development (R&D) Tax Incentive refund of $2,904,545 for the financial year 2018/2019.
According to managing director Paul Anderson, “Combined with the recent capital raising, the receipt of the R&D tax incentive refund further strengthens our capital position and enables us to progress regulatory approvals, establish commercial infrastructure and execute on our partnering strategy, delivering significant shareholder value.
"Our team is on track to submit the CelGro dental bone and soft tissue repair application and to commence the CelGro nerve regeneration study for US market approval in Q1 CY 2020."
The federal government is currently seeking to cut the R&D Tax incentive despite the findings of a Senate inquiry.
The government tabled legislation late last year enabling changes to the program AusBiotech has said will disadvantage the "vast majority" of small to mid-size life science companies.