Race Oncology Ltd (ASX:RAC) has received an additional A$1.66 million in Research & Development Tax Incentive Refund from the Australian Taxation Office for qualifying R&D activities conducted overseas.
The tax refund was granted for the financial year ended June 30.
“Grateful”
“The Australian Government’s R&D tax incentive plays an important and unique role in helping Australian companies to grow and innovate,” Race managing director and chief executive officer Damian Clarke-Bruce said.
“This incentive is especially important in helping biotech companies such as Race to solve significant unmet medical needs for our local and global community.
“We are grateful to receive this additional refund and look forward to utilising it to further progress our clinical and pre-clinical programs for bisantrene in 2023 and beyond.”
Race will add the tax incentive to the company’s cash balance in the September quarter.
About the company
Race Oncology’s Phase 2/3 cancer drug called bisantrene is a potent inhibitor of the Fatso/Fat mass and obesity-associated (FTO) protein, the genetic driver of a diverse range of cancers if over-expressed.
Race is exploring the use of bisantrene as a new therapy for melanoma and clear cell renal cell carcinoma, which are both frequent FTO over-expressing cancers.
In breakthrough pre-clinical research, Race has also discovered that bisantrene protects from anthracycline-induced heart damage, while in tandem acting with anthracyclines and proteasome inhibitors to improve their ability to target cancer.
The company also has compelling clinical data for bisantrene as a chemotherapeutic agent and is in multiple clinical trials in Acute Myeloid Leukaemia (AML).