Bio-Gene Technology (ASX:BGT) an Australian company developing the next generation of novel bio-insecticides. Has received a research and development tax incentive (RDTI) of $535,000 from the Australian Taxation Office.
The cash incentive relates to R&D expenditure incurred by the company in the 2024 financial year.
The RDTI is as an Australian Federal Government programme under which companies can receive cash incentives for 43.5% of eligible R&D expenditure. The RDTI relates to both Australian and eligible overseas expenditure for the development of the company’s products Flavocide and Qcide.
“We are very pleased to have received this $535,000 R&D tax incentive credit. These funds will be reinvested into our ongoing R&D program and this support will enable Bio-Gene to undertake more studies to develop Flavocide and Qcide,” Managing Director and CEO, Tim Grogan, said.
In September, Bio-Gene and Rallis India successfully completed pilot-scale production of pre-commercial quantities of Flavocide.
Bio-Gene appointed Rallis, a subsidiary of Tata Chemicals and part of the US$165 billion global Tata Group, to undertake process development and pilot-scale synthesis of Flavocide following a detailed evaluation of potential partners.
Rallis was appointed based on its proven record of successful production of a wide range of agrochemical products meeting stringent standards and its capacity to produce Flavocide in sufficient quantities for potential future supply to Bio-Gene’s commercial licensees.
Bio-Gene’s unique products are based on a naturally occurring class of compounds proven to overcome resistance to control pests with minimal impact on human health and the environment.
Bio-Gene’s products have multiple applications across public health, crop protection, grain storage, and consumer use. They provide new options derived from nature to meet market demand for effective and safe pest management solutions.
