Neuroscientific Biopharmaceuticals Ltd (ASX:NSB) has received an R&D Tax Incentive refund of approximately $1,134,710, from the Australian Federal Government.
The refund related to eligible R&D activities undertaken by the company during the 2020/2021 financial year.
Following the receipt of this refund, the company now has capital reserves of approximately $6.34 million.
The $1,134,710 refund will be reinvested into the preclinical and clinical R&D programmes currently being undertaken to support the commercialisation of NeuroScientific’s lead drug candidate EmtinB.
The R&D Tax Incentive is an Australian Government programme under which companies receive cash refunds for 43.5% of eligible expenditure on research and development.