NeuroScientific Biopharmaceuticals Ltd (ASX: NSB) has received approval from AusIndustry for an Advance and Overseas Finding under the R&D Tax Incentive programme.
The support involves the development of EmtinB™ as a novel therapeutic treatment for ocular conditions that damage the optic nerve.
NeuroScientific will be able to receive R&D Tax Incentive rebates on up to $25 million of R&D expenditure incurred during 2021, 2022 and 2023. The rebates will cover a substantial part of all future R&D work in Glaucoma and neurodegeneration programmes, significantly increasing the company’s cash runway.
This Finding is in addition to the previously announced Advance and Overseas for R&D activities related to the company’s neurology R&D program.
NeuroScientific’s CEO and Managing Director, Matt Liddelow, said the R&D Tax Incentive is an important initiative administered by the Australian government, providing fundamental financial support for Australia’s biotechnology industry through tax offset benefits on eligible R&D expenditure.
“We appreciate the continued support from AusIndustry and the Australian government in the development of our novel drug candidate EmtinB™ as a therapeutic treatment for neurodegenerative conditions,” Mr Liddelow said.
“This additional Finding is recognition of the potential impact EmtinB™ may provide in ameliorating ocular conditions such as glaucoma, which is the second leading cause of blindness globally.”
This Finding is applicable to R&D expenditure of up to $25 million related to the Company’s ocular R&D programme and will significantly extend the company’s cash runway as it transitions from a preclinical to clinical stage company.
NeuroScientific is currently completing the final stages of its preclinical safety program in preparation for the commencement of a first-in-human Phase I clinical study of EmtinB™.