Clinical-stage biopharmaceutical development company Neurotech International (ASX: NTI) has received a $2.44 million research and development (R&D) tax incentive refund under the Australian Federal Government’s R&D Tax Incentive scheme.
The tax refund relates to eligible R&D activities for the financial year ended 30 June 2024 (FY24).
The company has reported cash and cash equivalents of $6.0 million as at 31 December 20241. On a pro-forma basis, the Company remains well funded with $8.44 million in cash and cash equivalents.
\We welcome the 2024 R&D tax incentive rebate after a year of continued investment by Neurotech into its clinical trials which delivered outstanding safety and efficacy data, Dr Thomas Duthy, Executive Director of Neurotech, said.
“The payment strengthens our cash position as we move rapidly to complete our required animal toxicology and human pharmacokinetic study to enable the company to prepare for regulatory submissions with the Australian Therapeutic Goods Administration and US Food and Drug Administration in FY2025.”
The Australian Federal Government’s R&D Tax Incentive helps companies innovate and grow by offsetting some of the costs of eligible R&D.
Neurotech International is predominately focused on paediatric neurological disorders.
It has completed a Phase I/II clinical trial in Autism Spectrum Disorder (ASD), which demonstrated excellent safety and efficacy results at 28 days and 20 weeks of treatment with NTI164.
The company has commenced a Phase II/III randomised, double-blind, placebo-controlled clinical trial in ASD and additional Phase I/II trials in Paediatric Autoimmune Neuropsychiatric Disorders Associated with Streptococcal Infections (PANDAS) and Paediatric Acute-Onset Neuropsychiatric Syndrome (PANS), collectively PANDAS/PANS, along with Rett Syndrome during CY2023.
Neurotech is also commercialising Mente, the world’s first home therapy that is clinically proven to increase engagement and improve relaxation in autistic children with elevated Delta band brain activity.
