Lumos Diagnostics (ASX: LDX) has received a cash refund of $140,777 related to its Research and Development Tax Incentive for the FY2023 financial year ended 30 June 2023.
This cash refund primarily relates to the continued R&D conducted by Lumos on the development and optimisation of its benchtop and disposable proprietary reader technology platform.
This device enables testing of a greater range of clinical biomarkers, facilitating the reading and interpretation of results from point-of-care diagnostic tests and enabling them to seamlessly interface with electronic medical record systems.
This reader platform has been a highly valued element of the Lumos service offering to clients and has been instrumental in recent contract wins with Hologic and the Burnet Diagnostics Initiative of the MacFarlane Burnet Institute for Medical Research and Public Health Ltd.
The Australian Government’s Research and Development Tax Incentive Refund provides eligible companies with cash refunds for 43.5% of eligible expenditure on research and development activities.