Arovella Therapeutics Ltd (ASX:ALA) has boosted its bank balance to the tune of $524,042 courtesy of a research and development tax inventive refund.
The biotechnology company focused on developing its invariant Natural Killer T (iNKT) cell platform and oral spray delivery technology to treat cancer and conditions that affect the central nervous system, received a refund from the Australian Taxation Office.
Recognising R&D work
The R&D Tax Incentive is for the 2021 financial year and will further support Arovella’s development work for FY22.
This ATO refund recognises the research and development activities undertaken by Arovella during the last financial year.
The Australian Government’s R&D tax incentive encourages companies to engage in R&D programs by providing a refundable tax offset of up to 43.5% for eligible activities.
READ: SUDA becomes Arovella Therapeutics, plans to capitalise on emerging immune-oncology market
Arovella last month changed its name from SUDA Pharmaceuticals.
Derived from the words “arrow” and “novella”, the company intends to live up to its new name with targeted, novel platforms for the treatment of human disease, especially cancer and conditions that affect the central nervous system.
Managing director Dr Michael Baker said: “We are expanding our horizons; we wanted our name change to reflect that and reflect that we're working with different platforms to target disease.
“For us, it's thinking about ‘what do we stand for?’ And the number one thing is that we want to help patients live longer, healthier lives. It’s really all about having the patient at the forefront of our minds all the way through the journey.”
Earlier this month, Arovella strengthened its drug development pipeline expertise with the appointment of life-sciences veteran Dr Elizabeth Stoner, MS MD, as an independent non-executive director.
Dr Stoner has more than 30 years of experience in the life-sciences sector, spanning early-stage research, drug development and venture investing.