Phosphagenics (ASX:POH) has received its R&D Tax Incentive refund amounting to $2.6 million for the 2013-14 tax year.
The company said the R&D tax refund relates to Australian R&D expenditure and eligible overseas expenditure on its opioid patch and other R&D programs.
The Government is currently considering the future of the R&D Tax Incentive through its tax review. It has also indicated it may reconsider its decision to cut the value of the Incentive by 1.5 per cent, having already applied a cap on claims earlier this year.
Under questioning during a recent Supplementary Budget Estimates hearing involving officials from the Department of Industry, Innovation and Science, Cabinet Secretary Senator Arthur Sinodinos told Senators to "watch this space" on the proposed cut, adding that "there is a lot happening on innovation".
Phosphagenics is a drug delivery company that is commercialising various products using its proprietary drug delivery system called TPM (Targeted Penetration Matrix). TPM is based on Vitamin E and enhances the topical or transdermal delivery of active molecules. The lead products advancing through clinical trials are oxymorphone and oxycodone patches for the relief of chronic pain.