Receives R&D Tax Incentive of $2.4M
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.
About Regeneus Ltd
Regeneus Ltd (ASX:RGS) is a Sydney-based clinical-stage regenerative medicine company using stem cell technologies to develop a portfolio of novel cell-based therapies to address significant unmet medical needs in the human health markets with a focus on osteoarthritis and other musculoskeletal disorders, neuropathic pain and dermatology.