Pharmaxis Receives $6.2m R&D Tax Incentive as it Advances Drug Candidates into Clinical Development
Release Date: 17/10/2019 8:45am
Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) has received a $6.2 million R&D tax incentive in relation to the 2019 financial year. The receipt of this incentive adds to the Company’s cash funds, which were $31 million at 30 June 2019.
The 2019 incentive effectively reduces Pharmaxis 2019 expenditure on research and development by more than 40%.
Pharmaxis CEO Gary Phillips said, “The R&D tax incentive provides significant leverage to the Pharmaxis research team’s development of new drugs for inflammation and fibrotic diseases. The Pharmaxis research team has taken four in-house compounds to Phase 1 trials in just five years and in the 2019 year alone completed phase 1 trials in two LOXL2 inhibitors, commenced phase 1 trials in a systemic LOX inhibitor compound and advanced a topical LOX inhibitor through preclinical development.”
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