- Race Oncology (RAC) receives an additional $1.66 million in an R&D Tax Incentive Refund from the ATO for FY22
- The refund relates to successful R&D activities conducted in overseas jurisdictions during the financial year
- RAC MD and CEO Damian Clarke-Bruce states the Australian Government’s R&D tax incentive plays a unique role in helping Australian companies to grow and innovate
- The receipt of the incentive will be added to the Company’s cash balance and to Race’s Appendix 4C quarterly cash flow report for the September quarter
- RAC shares are down 2.39 per cent, trading at $1.50 at 2:05 pm AEST
Race Oncology (RAC) has received an additional $1.66 million in relation to the Research and Development (R&D) Tax Incentive Refund from the Australian Taxation Office (ATO) for FY22.
The refund is related to successful R&D activities conducted by the company in overseas jurisdictions during the financial year that ended on June 30, 2022.
The tax refund will empower Race to expand its R&D initiatives, bolstering its capacity to explore new avenues of technological development.
RAC Managing Director and CEO Damian Clarke-Bruce said the Government’s R&D tax incentive plays an “important and unique role” in helping Australian companies.
“This incentive is especially important in helping biotech companies such as Race to solve significant unmet medical needs for our local and global community,” he said.
“We are grateful to receive this additional refund and look forward to utilising it to
further progress our clinical and preclinical programs for bisantrene in 2023 and beyond.”
The additional R&D tax incentive receipt will be added to the company’s cash balance and feature in Race’s Appendix 4C quarterly cash flow report for the September quarter.
RAC shares were down 2.39 per cent, trading at $1.50 at 2:05 pm AEST.