OncoSil Medical (ASX:OSL) has received a boost to its cash balance after it received a refund from the Australian Taxation Office of $1,535,444.
This follows the lodgement of the 2014/15 financial year tax return.
The cash rebate is related to expenditure on eligible Australian and international R & D activities conducted during the period.
OncoSil recently attracted a new substantial shareholder with the Fremantle-based JK Nominees Pty Ltd now holding a 5.56% stake.
OncoSil has around $5 million in cash at the end of September 2015.
CE Mark application for OncoSil™
Recently, OncoSil was granted a Fast Track review by the European regulator to assess its CE Mark application for OncoSil™ in pancreatic and primary liver cancer (HCC).
A CE Mark is the mandatory regulatory designation required to commercially market and sell OncoSil™ in the European Union, and would also facilitate regulatory approvals, commercialisation and sales of OncoSil™ in other major markets, including Australia, Canada, and Singapore.
The company said it was pleased with the Fast Track review meeting and now anticipates that the Notified Body will make a decision in respect of the CE Mark for OncoSil™ by end of year.
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