Regeneus today reported that it has received $2.4m from the Australian Government’s Research and Development tax incentive program for activities conducted during the financial year 2018.
During the financial year, the company’s expenditure on eligible R&D activities was in line with the prior financial year. The R&D tax incentive is considered the most significant Federal Government program for promoting R&D and innovation in the biotechnology sector in Australia.
Regeneus will use the funds to progress its regenerative medicine product pipeline and expects that it will be eligible to receive further reimbursement for funds invested in its R&D programs during FY19.
The company’s cash runway is complemented by the recently announced extension of the $1.9m R&D loan facility with Paddington Street Finance Pty Ltd which is repayable on the earlier of the receipt of the next milestone payment under the Progenza manufacturing licence with AGC of Japan; the receipt of the FY19 R&D tax incentive; and 30 September 2019.