Anteris Technologies Ltd (ASX: AVR) has entered into a short-term facility for the advance of $1,220,000 that provides the company with immediate funds equivalent to its forecasted research & development (R&D) tax incentive offset for the majority of the 2020 calendar year.
The R&D refund confirms Anteris’ significant and ongoing commitment to invest in, research and develop its ADAPT® technology and product development pipeline including DurAVR, Anteris’ 3D single-piece Aortic Valve.
The Australian Government’s R&D Tax Incentive encourages companies to engage in R&D, by providing a refundable tax offset for eligible R&D activities, thereby assisting businesses to recover some of their costs related to R&D.
Note that this announcement will not lift the current
- The advance is equivalent to the expected R&D claim for the 10 months ended 31 October 2020
- Interest rate of 1.15% per month for the period of the facility
- The advance may be repaid by the Company at any time with a minimum three-month effective interest term
- Facility approval fee of 0.75%, being $9,150
- The advance is primarily secured against the R&D refund due in 2021
- Facility provided by Mitchell Asset Management Pty Ltd
Anteris Technologies Ltd is a structural heart company delivering clinically superior and durable solutions through better science and better design. Its focus is on developing next generation technologies that help healthcare professionals create life-changing outcomes for patients.
The Anteris DurAVR aortic replacement valve addresses the acute need in terms of superior hemodynamic profile as well as chronic needs in its ability to sustain that profile longer over the lifetime of the patient.
The proven benefits of its ADAPT tissue technology, paired with the unique 3D single piece aortic valve design of DurAVR, has the potential to deliver a functional cure to aortic stenosis patients and provide a much-needed solution to the challenges facing heart surgeons today.