Opyl Ltd (ASX:OPL) executive director Damon Rasheed has demonstrated confidence in the company’s biotechnology strategy with the purchase of shares in an on-market transaction.
Rasheed acquired 42,267 shares at 16.5 cents per share on January 18 in a direct interest, increasing the number of securities held after the change to 112,267 shares.
Research and development tax refund
The company last quarter received a $249,000 R&D tax rebate from the Australian Tax Office which CEO Michelle Gallaher said was fundamental to the company’s continued investment in artificial intelligence and health data research.
She said: “It’s sincerely encouraging that we can optimise the continued investment in our AI-based platforms and tools, while at the same time keep cash flows stable as we lean into and open up current and emerging revenue opportunities.
“This puts the business in a stronger financial position.”
As a small company implementing an ambitious pivot in a particularly uncertain global business environment, the 43.5% R&D tax incentive will contribute to Opyl’s forecasted cash flow positive current quarter.