Arovella Therapeutics Ltd (ASX:ALA) has received a refund of almost $1.05 million from the Australian Taxation Office under the R&D tax incentive scheme for the 2022 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.
Looking ahead, the incentive will provide additional funding to further support Arovella’s development work for the current year.
About Arovella
Arovella is a biotechnology company focused on developing its invariant Natural Killer T (iNKT) cell platform to treat blood cancers and solid tumours
The company is also expanding its DKK1-peptide targeting technology licenced from MD Anderson and used in conjunction with its iNKT cell therapy platform.
What’s more, Arovella is commercialising ZolpiMist™, a first-in-class oral spray of zolpidem tartrate to treat short-term insomnia.