Paradigm Biopharmaceuticals Ltd (ASX:PAR) has received an A$8.2 million boost in the form of an R&D tax refund as part of Australia’s R&D tax incentive scheme.
The late-stage drug development company is attracting strong attention for its work in the field of repurposing existing molecules for new indications with unmet clinical needs.
This refund recognises that work and, in particular, PAR’s significant research activities regarding Pentosan Polysulfate Sodium (PPS) during the financial year ending June 30, 2021.
Use of funds
The money will be used towards PAR’s research activities moving forward and will support its global Phase 3 clinical program in OA and Phase 2 clinical program in MPS, as well as ongoing pre-clinical programs.
Australia's R&D Tax Incentive encourages research and development (R&D) activities that benefit Australia.
The refundable tax offset is for up to 43.5% for eligible R&D activities.
About Paradigm
Just a week ago, PAR appointed a 30-year veteran of the pharmaceutical industry Marco Polizzi as CEO.
Polizzi has been brought on board to lead Paradigm in attaining its strategic program objectives, particularly in the US, and increase shareholder value.
Paradigm is aiming to develop and commercialise PPS for the treatment of pain associated with musculoskeletal disorders driven by injury, inflammation, ageing, degenerative disease, infection or genetic predisposition.
The company is also exploring proof-of-concept studies for the use of PPS in respiratory and heart failure indications.