- Emyria (EMD) pockets over $2 million via a research and development (R&D) tax incentive refund
- The clinical stage biotech received a refund of $2,094,701 for research activity performed during the 2021/2022 financial year
- Emyria says it’s now in a strong cash position to complete its phase three clinical trial to support the registration of EMD-RX5 as an over-the-counter treatment with Australia’s TGA, plus drive further expansion of its MDMA-inspired drug discovery program
- The funds come in addition to the company’s recently completed $3 million placement, which took place in October 2022
- Emyria last traded at 17 cents on January 11
Emyria (EMD) has pocketed over $2 million via a research and development (R&D) tax incentive refund.
The clinical stage biotech received a refund of $2,094,701 for research activity performed during the 2021/2022 financial year.
The R&D Tax Incentive is an Australian government program to support Australian companies to undertake research and development activities. Under the program, businesses can receive cash rebates of up to 43.5 per cent of eligible expenditure on R&D activities.
“This substantial refund reflects the scale of Emyria’s research and development investment during the last financial year,” Emyria Managing Director Dr Michael Winlo said.
Emyria said it’s now in a strong cash position to complete its phase three clinical trial to support the registration of EMD-RX5 as an over-the-counter treatment with Australia’s TGA, plus initiate its US-focussed drug registration program.
“Combined with our recent strategic placement, this R&D tax incentive cash refund bolsters Emyria’s capacity to accelerate the registration of our unique ultra-pure cannabinoid dose forms, as well as drive further expansion and preclinical screening of our first-in-class, MDMA-inspired drug discovery program.”
The funds come in addition to the company’s recently completed $3 million placement, which took place in October.
Emyria last traded at 17 cents on January 11.