ResApp Health Ltd (ASX:RAP) has bagged a cash refund of $516,305 from its R&D tax incentive claim for the financial year ending 30 June 2016.
ResApp has a unique company focus developing smartphone applications for the diagnosis and management of respiratory disease.
The technology is based on machine learning algorithms that use cough sounds to diagnose and measure the severity of respiratory conditions without the need for additional hardware.
READ: ResApp Health director buys 1,000,000 shares on-market
The algorithms were initially developed by The University of Queensland with funding from the Bill and Melinda Gates Foundation.
Tony Keating, CEO and managing director, commented: "We were already well funded to complete our clinical program and execute on our commercialisation strategy and these additional funds reinforce our strong financial position."
ResApp held $8.5 million in cash at the end of June 2017.
Earlier in the month, non-executive director, Chris Ntoumenopoulos, purchased one million shares on-market for $73,000.
Ntoumenopoulos bought on a dip after the news on the preliminary top-line results from the SMARTCOUGH-C Study.
Preliminary analysis of the study data shows predefined endpoints for positive percent agreement and negative percent agreement with clinical diagnosis are unlikely to be met for pneumonia, croup, URTI, LRTD, asthma/RAD and bronchiolitis.