ResApp receives R&D tax incentive refund and grant

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ResApp Health (ASX:RAP), a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease, has received a $707,744 R&D tax refund and a $93,994 Export Market Development Grant.

The company said the grants from the two federal government programs have added $801,738 to its cash balance.

The payment of the R&D tax refund was made under the government’s R&D Tax Incentive Scheme and relates to its initiatives undertaken during the financial year 2020.

The Export Market Development Grant (EMDG) scheme is a government financial assistance program for aspiring and current exporters. It is administered by Austrade and supports a range of industries.

"The refund and grant highlight the significant advancements ResApp has achieved through its R&D program over the last 12 months and further strengthens the company’s cash position, which was ~$4.2 million as of 31 December 2020," said the company.